The value of the USD/ZAR as of this writing is nearly 19.67000 this morning.
Traders pursuing the currency pair today need to be aware that volumes in Forex worldwide will be much lighter than normal because many European nations and the U.S. have holidays today. The USD/ZAR is lingering within the higher realms of record values, this even after the South African Reserve Bank raised interest rates by another 0.50% on Thursday to try and fight inflation.The ability of the USD/ZAR to not only break 19.
However, inside South Africa most citizens were not surprised and the run higher since breaking this level is unfortunately seen as a precursor to what may develop. The 20.00000 level is the obvious next psychological barrier that is being targeted.. They must keep their ambitions and visions of higher values in check and understand the move upward in the USD/ZAR is not likely to happen in one day.
The combination of domestic problems in South Africa and a U.S. central bank which is hawkish is making the value of the USD/ZAR suffer upwards . Again, trading volumes today will be light and speculators must be ready for bursts of volatility. Traders are advised to look for quick-hitting results in the short and near-term as behavioral sentiment rules the USD/ZAR landscape.
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