RSkeens
Long

Dollar / Rand Breakout

FX:USDZAR   U.S. Dollar / South African Rand
400 0 0
The recent break through the R11.43 lateral resistance level is holding, which may play a role as the future medium term psychological level. The next resistance level could settle at around the R12.40 mark.

Be sure to follow Friday's rating review of South Africa by Fitch. A rating downgrade is unlikely but a negative outlook may cause a short term capital flight to safety from the South African bond market.

Continued electricity supply shortfalls will continue to be a major contributing theme for weak growth projections regarding the South African economy next year.
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