A chart-based quantitative strategy which uses moving averages is signalling more downside for some of the major oil currencies, say Citibank in a note to clients.
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Headlines out of Brazil over the past 24 hours have sent emerging markets - including the South African Rand - into turmoil.
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The South African Rand has recovered on the back of a rise in commodity prices over the last week which on GBP/ZAR has been reflected in a mini-downtrend which began after the May 8 peak.
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The South African Rand was one of the best-performing global currencies on Monday, May 15 as confidence amongst the global investment community improved markedly.
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The GBP/ZAR pair has broken above the key December highs at 17.35 in a strong bullish thrust higher.
Read more … →A titanic struggle in underway between the Pound and Rand over the R17.35 level where the exchange rate is seen to still be banging its head.
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GBP/ZAR shot up from its March lows on fears about the economy after South African president Jacob Zuma replaced his respected finance minister Pravin Gordhan with an inexperienced alternative.
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The Pound to South African Rand has gapped down on Monday morning due to market relief at the outcome of the first round of the French presidential election, however, it is tipped to recover my mar…
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The Rand is one of the strongest currencies against the Pound in a landscape otherwise dominated by Sterling strength at the expensive of counterparts.
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