ONLINE FOREX BROKER
2021-03-23 • Updated
Societe Generale, a leading European investment bank, expressed optimism over the South African rand’s growth. Why? Firstly, the bank believes the ongoing global recovery will underpin the emerging market currency in the upcoming months. Secondly, the rand is usually influenced by credit rating downgrades. And since Societe Generale doesn’t expect any further downgrades for South Africa, the rand is safe from this risk. Finally, 2021 should bring many benefits for South Africa such as improving relations with China and greater inclusion in global trade.
"We are inclined to reload on tactically bullish ZAR positions as global markets move closer to finding a new Developing Markets rates equilibrium environment," says Societe Generale.
The South African rand is going to rise over the coming months. After the deep slump at the start of the coronavirus pandemic, the rand (as well as other emerging market currencies) has managed to recover in the second part of 2020 and keeps rising this year as investors foresee a strong economic recovery in 2021.
USD/ZAR has been moving sideways between 15.50 and 14.45. Now it has approached both the middle line of Bollinger Bands and the 50-day moving average of 14.90. Thus the pullback down is likely to occur. On the way down the pair may meet the support levels at the low of March 17 at 14.60 and the February low of 14.45. In the opposite scenario, if it breaks the strong resistance of 14.90, the way up to the high of February 26 at 15.10 will be open.
Oil prices rebounded slightly on Friday but are still expected to show losses for the week due to concerns about slowing growth in the US and China. US crude futures rose 2.7% to $70.41 per barrel, while the Brent contract increased by 2.5% to $74.33 per barrel.
China's economy is rocketing. On the other hand OPEC+ countries take the decision to cut the production. What will be the impact on the oil price?
The past two years have seen the biggest swings in oil prices in 14 years, which have baffled markets, investors, and traders due to geopolitical tensions and the shift towards clean energy.
Let's dive into the world of gold. Currently, the price of gold, represented by XAUUSD, is stuck in indecision, hovering around the $1,975 mark. The market is anxiously awaiting two important factors: the release of the Federal Reserve's meeting minutes and the extension of the US debt ceiling.
Hey guys, this is the last full trading week in May, and many forward-looking individuals like myself are already preparing themselves to seize whatever opportunities June may have in store. On this note, I will review a few commodities that have satisfied my quest for swing-trading opportunities in the coming month. Follow me!
The Bank of England (BoE) has dramatically shifted its economic forecasts. They no longer expect a recession in the UK and have upgraded their growth projections. This year, the BoE predicts GDP growth of +0.25%, a significant improvement from previous expectations. Next year's forecast is even more optimistic, with a projected growth of 0.75%.
FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.
Your request is accepted.
A manager will call you shortly.
Next callback request for this phone number
will be available in
If you have an urgent issue please contact us via
Live chat
Internal error. Please try again later
Don’t waste your time – keep track of how NFP affects the US dollar and profit!
Beginner Forex book will guide you through the world of trading.
We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.
|
