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21 April 2017

Euro and the dollar crumble while inflows surge

The sharp moves seen yesterday and overnight are mostly a dollar and a euro story rather than anything specifically to do with the rand. Sharp dollar weakness initially saw EUR/USD jump to 1.0780 and was reflected in USD/ZAR dropping to the 13.15 area. The euro then came under pressure, with EUR/USD ironically dropping all the way back to the 1.0710/20 level where it had started the day. With USD/ZAR rightly not following suit, the implication is that EUR/ZAR has been re-priced lower overnight...

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