Rand Goes Higher While Traders Waiting for Bernanke’s Speech
The South African rand advanced today as mood of Forex traders shifted yet again and hopes for stimulus returned to them. The Jackson Hole Symposium makes the FX market volatile and unpredictable as the market sentiment changes all the time depending on what investors expect to be said on the meeting.
Fed Chairman Ben Bernanke is going to speak at Jackson Hole today. Market participants are speculating whether he would hint at quantitative easing in his speech. Yesterday, pessimists prevailed, but today those who hope for stimulating measures from the Fed took the upper hand. That was positive for risky currencies, including the rand.
USD/ZAR was down from 8.4775 to 8.3946 as of 11:09 GMT today.
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Earlier News About the South African Rand:
- Rand Feels Weaker as GDP Trails Forecasts (2012-08-29)
- Rand Falls with Slowing Inflation (2012-08-22)
- Rand Gains as European Leaders Prepare to Discuss Greece (2012-08-21)
- Rand Drops as US Non-farm Payrolls Spark Fear on FX Market (2012-07-06)
- Rand Fluctuates on Interest Rate Speculations (2012-06-27)