ZAR: Medium-Term Weakening Ahead

The South African rand continues to range trade, with key resistance at ZAR7.20/US$ and key support at ZAR7.60/US$ unlikely to be tested over the near term. Indeed, the currency has shown little direction in recent trading sessions, auguring for continued sideways movement. This being the case, we expect the rand to maintain its relatively strong position on a historic basis, supported by broad global investor risk appetite and attractive carry. .

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