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USDZAR Ascends After Reserve Announcement

USDZAR Ascends After Reserve Announcement

Michael Romero, Contributor

Talking Points:

• Rand Looses Footing Following Announcement.

• Gross Reserves Increase While Net Reserves Decrease.

The ZAR toppled after the gross and net reserve announcement from the South African Reserve Bank on Thursday. South Africa’s gross reserves increased according to figures that poured in from the South African Reserve Bank. Gross reserves increased in December 2014 to $49.10 billion from $48.54 billion in the previous month. Net reserves on the other hand, decreased in December 2014 from $42.95 billion to $42.73 billion in November 2014.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.