USD / ZAR Update

29 May 2023

In an earlier post, we highlighted that we were waiting for the ZAR to give us some direction - and give us direction it did! The currency blew out to the upside (weaker) and tested its previous lows of 19.30 as expected - should the move higher.. After the recent 50 basis point interest rate hike, we expected to see the ZAR strengthen - unfortunately however, its price action has taken us by surprise and the currency remains stubbornly weak for now, hovering close to its all time lows.