July 21, 2023

The Rand has been trading at its most sustained period trading below 18 USD/ZAR since April 2023.

• A pick-up in global risk appetite has seen the Rand recover against most major currencies and outperforming its emerging market peers. 
• The main reason behind the change in sentiment has been signs of global inflation cooling down, increasing hopes that the end of the Central Bank tightening cycle really is now in sight.

Source: Currency Partners