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USD/ZAR hits yearly high at 16.3180

Pair hit yearly high at 16.3180 in Asian hours and currently trading at 16.5764 levels. The U.S. dollar surged as much as 10.3 percent at one stage to reach 17.9950 rand and was last quoted at 17.2500, a huge move from 1…

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Pair hit yearly high at 16.3180 in Asian hours and currently trading at 16.5764 levels.

  • The U.S. dollar surged as much as 10.3 percent at one stage to reach 17.9950 rand and was last quoted at 17.2500, a huge move from 16.3150
     
  • Dealers said Japanese investors were selling rand for U.S. dollars, where there was at least some liquidity, and then exchanging those dollars for yen
     
  • Initial resistance levels are seen at 16.80, 17.72 levels
     
  • Major support falls at 15.91 levels

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