Tuesday, May 26, 2009

World’s Best Currency? South African Rand

Surprising story buried deep on Bloomberg: The world’s strongest currency is the South African Rand:


South Africa’s rand, the world’s best-performing major currency this year, may rally another 4 percent if it breaks through 8.23 per dollar and stays there, based on technical analysis by Barclays Plc-owned Absa Capital.

Candlestick charting shows the rand closed stronger than its opening levels everyday last week, suggesting it’s “fighting” to appreciate further, said Judy Padayachee, a technical analyst at Johannesburg-based Absa. Even so, it has yet to remain stronger than the so-called “resistance” level of 8.23 per dollar, according to Padayachee.


Go figure . . .

3 Opinion(s):

Dachshund said...

You have the DA and no 2/3 majority for the ANC to thank for that. If the DA's position is compromised it will be another story altogether.

Anonymous said...

Hype!

Give it a week or two and it is on shit street again.

Joe King said...

Anon 10:56 Oh don't be so negative. The rand is going to go from strengthen to strengthen. Educated SA ex-pats are going to return in droves (goverment sponsored). The ANC is going to abandon AA and BEE. Shabir will recieve a pardon, the health ministry and education are going to get a face lift. The police force memebers will all attend a course on anger management.(Including the bad ass white policemen) Farmers will be enticed back to the land, creating jobs to support de-urbanisation. Helen Zille will become vice president, Orania and the Western Cape will be self governing enclaves and we will all live happily ever after.

There is hope, because apparently there is still one Pelindaba atomic bomb hidden away somewhere.

When all else fails............. And the drugs i am currently taking will be available for export via SAA!