Another Day of Gains for Rand?

South African randThe South African rand gained today as the positive mood prevailed on the Forex market, but later reversed its trend and currently almost erased its earlier gains.

The explanation for such reversal may be the fundamentals that don’t support the positive outlook. South Africa’s economy grew 1.4 percent in the third quarter, less than economists predicted. Citigroup Inc. cut China’s growth estimate for the next year from 8.7 percent to 8.4 percent. The rand still attempts to rebound on the talks about the improving situation in Europe. The European finance ministers are meeting today to discuss the steps for boosting the European Financial Stability Facility.

USD/ZAR opened today at 8.3660, fell to 8.2420 intraday and rebounded to 8.3310 as of 15:11 GMT. Currently, the rand attempts to regain its strength, but success is limited.

If you have any questions, comments or opinions regarding the South African Rand, feel free to post them using the commentary form below.


http://www.topforexnews.com/