SARB cuts by 50bps but more easing is to come as we will see further deterioration of economic activity that should suggest a correction of the ZAR vs USD. Therefore, analysts at TD Securities adjust the stop loss on the long USD/ZAR position opened earlier today. Key quotes “SARB has cut 50bps today, in line with our forecast and the consensus expectations, and in spite of growing expectations for a larger cut today.” “The highlights for the day are a downside revision for real GDP growth to -7% in 2020 from -6.1% previously, and average CPI for the year to 3.4% from 3.6%.” “We believe that the current and future environment, combined with the SARB’s rhetoric and gradual adjustment, leaves the door open for another cut, that we currently estimate in a final 50bps of easing in the July meeting.” “As USD/ZAR keeps falling (at +1.6% vs USD, the rand is the best-performing currency today), it is fast approaching the RSI oversold threshold – a level that has often proved very short-lived in the past and good mean-reverting indicator. We, therefore, lower the stop to 17.45.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next US: Existing Home Sales declined by 17.8% in April FX Street 2 years SARB cuts by 50bps but more easing is to come as we will see further deterioration of economic activity that should suggest a correction of the ZAR vs USD. Therefore, analysts at TD Securities adjust the stop loss on the long USD/ZAR position opened earlier today. Key quotes “SARB has cut 50bps today, in line with our forecast and the consensus expectations, and in spite of growing expectations for a larger cut today.” “The highlights for the day are a downside revision for real GDP growth to -7% in 2020 from -6.1% previously, and average CPI for the year to… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
