Moving away from the Pound in the late 50's to early 60's, the Rand was established and is the current legal tender for South Africa, Swaziland, Lesotho and Namibia. The Rand has had its fair share of volatility with the currency depreciating massively following the apartheid era sanctions. The currency looks to benefit when investors are willing to take on more risk in developing countries. Any pullback in risk from global markets pushes the Rand significantly lower as seen during the financial crisis of 2008.
Commodities Update: As of 03:00, these are your best and worst performers based on the London trading schedule:
Oil - US Crude: -0.46%
View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/8kdO6Qqkow
The $GBP may be on the cusp resuming a 12-year downtrend against the US Dollar as signs of topping emerge at pivotal chart resistance. Get oyur market update from @IlyaSpivak here:https://t.co/9rM3OjWmBA https://t.co/C1voqDy4hc
Forex Update: As of 03:00, these are your best and worst performers based on the London trading schedule:
View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/dagocTZSUu
Note that gains in $AUDUSD and $NZDUSD are somewhat contained by strength in the US Dollar. I wrote a special report that explains this dynamic into further detail as the pairs diverge with the #SP500 here - https://www.dailyfx.com/forex/fundamental/article/special_report/2020/01/17/AUDUSD-NZDUSD-Outlook-Looks-Past-Stocks-to-Rate-Cut-Bets.html?ref-author=Dubrovsky
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