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South African rand tops CEEMEA as gold gains and bond inflows drive USD/ZAR towards 16.00

by VT Markets
/
Aug 14, 2026

The South African rand has led CEEMEA this month, rising about 2.4% against the US dollar in spot terms and delivering a 2.7% total return. USD/ZAR is now within 1% of moving below 16.00, a level last seen in early February, as the currency continues to trade as a risk proxy.

Support From Gold Prices And Federal Reserve Policy

Support has come from firmer gold prices and a dovish shift in Federal Reserve pricing after the latest US NFP and CPI releases.

Strong Foreign Bond Inflows

Flows into South African Government Bonds have reinforced the carry story: foreign buyers recorded net purchases of ZAR23.1bn in the first week of August, the strongest weekly inflow since January.

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