SteynTrade
Long

USDZAR Where will the Rand go?

FX:USDZAR   U.S. Dollar/South African Rand
As a South African we are all wondering where the Rand will go. I do not trade the Rand but while it is strengthening you could consider buying ZAR             as a carry trade. With the uncertainty around the upcoming Municipal elections the Rand could weaken first before completing the ABCD correction. There is also the looming downgrade to junk status. Around September/October we should see the Rand weaken to similar levels as before the correction. Hopefully for us it will not break the 18 USD/ZAR             level with the next impulse but we will have to wait to see if it does not even go to 20 USD/ZAR             as some predict.
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