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Newsletter Item  [ back ]
Date: 2007-07-18 10:09:02
Intraday ZAR Commentary 18-July-2007

Big moves overnight again in the FX markets on the back of sub-prime woes in US mortgage market.

EURUSD at all time lows at 1.3834
GBPUSD at new 26 year highs of 2.0548
AUDUSD at 18 year highs of 0.8786
USD Index at 15 year lows of 80.277

…..so basically the USD is taking a beating!

Strangely enough, USDZAR has strengthened overnight from 6.95 to 6.98.

Once again, traders are selling USD against every currency EXCEPT the ZAR. Is this telling us something?

Logically, it seems that traders would rather buy USD than buy ZAR – even with the above all time lows playing themselves out in the US markets.

Good luck.