US Dollar/South African Rand (USD/ZAR) Exchange Rate

South African Health Minister Zweli Mkhize warned that Covid-19 infections would continue to rise, as the nationwide economic lockdown is unsustainable and economic activities must resume.

The South African Rand has gained value since the start of July, but before you join a parade it should be noted the range of the USD/ZAR has remained very steady.

South Africa continues to struggle with the Covid-19 pandemic and is on course to exceed 200,000 infections as soon as today, surpassing Germany and Turkey.

After the South African economy posted a 2.0% contraction in the first quarter, the South African Reserve Bank forecasts a 32.6% collapse in the second quarter.

South Africa’s economy delivered the third consecutive quarterly contraction.

The South African Rand continues to exhibit a tight consolidated range.

USD/ZAR: South African Rand Range Stable & Opportunistic

South African Finance Minister Tito Mboweni confirmed the government has no plans to raise income, corporate or value-added tax.

The South African Rand has exhibited a rather good range for short term traders the past week as its support and resistance levels have proven capable.

While numerous African nations receive debt relief due to the devastating negative stress resulting from the global Covid-19 pandemic, South Africa is deemed to rich to qualify.

South Africa’s economy is predicted to contract by 7.2% in 2020, as outlined during a budget adjustment delivered by Finance Minister Tito Mboweni.

Experienced traders know that forex demands different trading techniques depending on the currency pair which is being speculated.

South Africa crossed the 100,000 level in Covid-19 infections yesterday, as global daily cases continue to surge globally

The value range of the USD/ZAR continues to deliver a known trading range which speculators may find opportunistic and worthy of taking positions.

Yesterday’s initial jobless claims out of the US pointed towards a significantly weaker recovery trend than the May NFP report suggested.

The past five days of trading within the USD/ZAR has produced a price range of 16.9000 to 17.5000.

Housing starts and building permits data out of the US disappointed yesterday, recovering less than economists predicted.

The USD/ZAR moved within a solid range on Tuesday and the currency pair may be able to accomplish the same story in forex today.

A wave of buying in the USD/ZAR brought the pair to a resistance level yesterday near 17.3000 and then a reversal lower.

Fitch Ratings downgraded South Africa’s credit rating farther into junk territory.