USD/ZAR: Fear and Loathing of Eskom Hurts South African Rand

After touching highs above the 18.55000 level in October and early November of 2022, the USD/ZAR then reversed lower and looked as if it might be on the road to a stronger South African Rand as selling forcefully developed.of November for perspective's sake, the USD/ZAR was trading near the 16.88000 mark. The low at the end of November could be interpreted as the USD/ZAR being oversold, but it can also be thought of as a warning sign for the currency pair for things to come.

The state-owned electrical utility company Eskom has fallen into complete disarray, hit by a lengthy list of mismanagement and corruption accusations. Electrical outages known as load shedding are increasing; the length of the rolling blackouts is getting worse. The ruling ANC government of South Africa has been forced to admit there is a crisis.

Speculators can certainly sell the USD/ZAR and look for reversals lower, but they should be careful. South Africa looks ready to enter a potentially disturbing period of political unease as loud voices gather regarding the load shedding problems. Calm leadership will have to lead the nation out of the current crisis. Can that happen? Financial houses like clarity and the lack of clarity within South Africa make trading the USD/ZAR difficult.

Source: Digital Coin News (digitalcoinnews.net)

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