SteynTrade
Long

USDZAR Where will the Rand go befor the Municipal election?

FX:USDZAR   U.S. Dollar/South African Rand
This is to update my previous view on where the Rand will go. The Municipal elections are approaching at the beginning of August which potentially could be the start of a political power shift in the country (or maybe not). However, I think there that investors sill be cautious in buying Rand before the election. With USD strength and resistance at the yearlPP we should expect the rand to weaken towards the beginning of August. Volume has been low since June. Signs of increased volume but with little price reaction is seen pointing to buyers entering the market. So expect a pull back to the cloud at just below 15 Rand to the USD.
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