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USDZAR action today is interesting after the SA manufacturing data
The manufacturing PMI out of South Africa today was a bit weaker than anticipated, and it seems to have put a bit of a drag on the Rand. While $USDZAR is still holding around the 16.50228 mark, I'm watching to see if this weakness persists into the next few sessions. If we start seeing a break above 16.57, I might need to reassess my bias on some of the carry trades I've been considering.
1 comments · 6 points
Ah, the ever-present dance of emerging market currencies and economic data. It's almost as if they enjoy keeping us on our toes, just when we thought we had a handle on things. Good luck with those carry trades, might need an extra shot of espresso for the reassessment.