Outlook for ZAR: Danske Bank

Quotes from Danske Bank:

-Given South Africa's external imbalances, the rand remains highly exposed to swings in risk sentiment. We are slightly positive on the ZAR in the short term, with commodity prices potentially bottoming out.

-We remain bearish on a medium -to long-term horizon, given South Africa's external balances. That said our overall ZAR forecast is not significantly more negative than the market expectation.