South African Rand Price Forecast: USD/ZAR, GBP/ZAR,EUR/ZAR Price Setups
Rand Price Outlook:
GBP/ZAR threatens critical support
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The South African Rand (ZAR) has recently traded within a well-defined range against its major counterparts, largely buoyed by US Dollar weakness and an increase in the demand for major commodities, primarily Platinum and Gold.
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However, South Africa’s economic outlook remains a controversial topic as credit rating agencies continue to scrutinize the Emerging Market (EM), maintaining a relatively pessimistic view. Despite reporting a budget surplus, rating agency Standard & Poor (S&P) has expressed concerns over SA’s exorbitant levels of government debt, indicating that South Africa may face further downgrades in the foreseeable future.