After a bearish last week that forced emerging market currencies down versus refuge investments in the U.S. and Japan, risk appetite returned timidly today, allowing the South African rand to climb as commodities rebounded.
This year started with a growing demand for metallic commodities as investors expect that the global economic recovery will rise industries’ needs for raw materials, helping the South African currency to start the year bullish.
The South African rand was one of the best performing currencies today in
The South African rand touched a
The South African rand continued a decline that set it to the lowest rate in almost two months as a greenback rebound is decreasing attractiveness for
The South African rand extended gains from last week as concerns regarding Dubai’s debt declined today, providing support for risk fueled traders to purchase assets in emergent markets and commodity linked countries like South Africa.
TAfter Dubai announced that it intends to delay debt payments, emergent markets and commodities fell worldwide, declining attractiveness for the South African currency in
The South African rand, one of the best performing emergent market currencies in 2009 fueled by a commodities prices rally, extended its gains further today as a report published showed that the country’s economy returned to growth, adding attractiveness for the already winning rand this year.
The South African rand had the first week of decline this month as speculations suggested that the currency’s rally could be a problem for the country’s economic future.
South Africa is one of the world’s largest precious metals producers, and today, as the gold and platinum rose in a session of strong risk appetite, the African nation witnessed a strong bullish pattern in its currency’s chart, as optimism among traders increased.
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