USD/ZAR: Rand darts higher after better South Africa GDP data
The country’s economy contracted by 9% in 2020, the worst performance since 1946.
The South African rand also gained because of the cooling US bonds.
The USD/ZAR price declined sharply on Tuesday, helped by the relatively better South African GDP data and the US Treasury yields data. The pair declined from the weekly high of 15.5683 to 15.300.
South African rand
South Africa GDP data
The South Africa Statistics Bureau published relatively strong economic data than expected. In its report, the bureau said that the country’s economy expanded by 1.5% in the fourth quarter leading to an annual gain of 6.3%. This increase was better than the median estimate of 5.0%.