Analysts at Rand Merchant Bank have told clients they expect South Africa’s credit rating to be cut at all ratings agencies following the removal of Finance Minister Pravin Gordhan.
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The South African Rand has weakened substantially after the news that the Finance Minister Pravin Gordhan had been sacked by Jacob Zuma during a cabinet reshuffle.
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The Pound to Rand exchange rate is down by over 2% on fresh political intrigue in South Africa and market analysts set out their views on whether more losses are likely.
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There are signs the GBP/ZAR down-trend is getting a bit long in the tooth.
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GBP/ZAR has been falling steadily for months, reaching yearly lows of 15.56 last Thursday after the Bank of England’s (BOE) hawkish (meaning wanting higher interest rates) rate meeting.
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With no major signs of the downtrend ending yet, we forecast GBP/ZAR to continue lower, with a break below the 15.7500 confirming a continuation down to 15.5000.
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GBP/ZAR has now surpassed the 2016 October lows forged when hard Brexit fears were at their worst after Theresa May’s speech at the Conservative party conference.
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The South African Rand has gradually strengthened versus the Pound after the outlook for emerging market currencies brightened.
Read more … →A triangle pattern has formed on GBP/ZAR with bearish connotations.
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