The ZAR sold off aggressively from the intraday low near the 8.83-8.84 area (against USD) following the release of local trade balance data, catching us off guard. The ZAR ended the month at the 9.00 psychological level against the USD, much weaker than our near-term 8.80 forecast. Given the near-term bearish ZAR sentiment, we would not be surprised if the pair proceeds to the 9.05-9.10 area today.
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Barclays