We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Mixed
Oil - US Crude
Bullish
Wall Street
Mixed
Gold
Mixed
GBP/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Bearish
More View more
Real Time News
  • RT @dlacalle_IA: Moody's estimates that around 22% of non-investment grade debt in Europe will not be able to service their debt, vs 1.5% a…
  • President Trump and President Putin agreed in a phone call on the importance of stability in global energy markets according to White House #CrudeOil
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.44% Gold: -0.49% Silver: -3.77% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/O8t1oXzJVt
  • RT @JWagnerFXTrader: #Gold down trend imminent...likely see $1400 before we see $1705 https://t.co/nHO1vUu9Nm
  • RT @HayekAndKeynes: Dividend futures are pricing out serious pain for years https://t.co/1ikNBSiVbC
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.84%, while traders in US 500 are at opposite extremes with 70.32%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/LeEJDZV2lC
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: US 500: 2.18% Wall Street: 1.80% Germany 30: -0.33% France 40: -0.47% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/aRmaAFSAG8
  • New York Fed Accepts $10 M at overnight repo operation
  • #Dow Jones price action printed its biggest weekly gain since the 1930s even though the major stock market index slipped 4% on Friday and remains down 25% year-to-date. Get your market update from @RichDvorakFX here: https://t.co/K9haBgRJp2 https://t.co/qrQvRb8F9W
  • Fed's Bostic: - Would prefer rates not going negative - Open to considering 'other ways' to support economy
South African Rand at Two-Year Highs as End of Zuma Era Nears

South African Rand at Two-Year Highs as End of Zuma Era Nears

2018-02-14 15:34:00
Martin Essex, MSTA, Analyst
Share:

USDZAR talking points:

- The South African Rand reached its strongest level against the US Dollar since May 2015 Wednesday before easing back as the Dollar jumped on strong US inflation data.

- Its advance reflected news that Jacob Zuma will face a vote of no confidence in Parliament Thursday that will likely end his Presidency.

Learn how to trade like an expert by reading our guide to the Traits of Successful Traders

New to forex and want to find out more about trading? Take a look at our Forex Trading Guides

Rand strong as Jacob Zuma faces the sack

USDZAR fell to its weakest level since May 2015 Wednesday as the South African Rand strengthened ahead of a Parliamentary vote Thursday that will likely end the scandal-hit Presidency of Jacob Zuma. The Rand has advanced whenever Zuma has seemed likely to fall and it now seems likely that he will be replaced as President as early as Friday by Cyril Ramaphosa, who leads the country’s ruling African National Congress.

While USDZAR did recover from its 11.79 low after higher-than-expected US inflation data, it remains in a strong downward trend.

USDZAR Price Chart, Daily Timeframe (January 1, 2016 to February 14, 2018)

USDZAR Price Chart

Chart by IG

Further losses now seem likely for the pair unless, against expectations, Zuma survives the no-confidence vote, which will be backed by the ANC – the party that has ruled post-apartheid South Africa nationally since the election of Nelson Mandela in 1994.

--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below, via email at martin.essex@ig.com or on Twitter @MartinSEssex

For help to trade profitably, check out the IG Client Sentiment data

And you can learn more by listening to our regular Trading Webinars

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

DISCLOSURES

News & Analysis at your fingertips.