The pound to rand (GBPZAR) pair is struggling to find direction close to its all-time level of 25.8365 as the market digests news from the UK and South Africa. The most important news is that South Africa has started to reopen its economy while the lockdown in the UK seems to be continuing.
The GBP/ZAR pair continued to decline as the South African rand found more buyers. The pair declined by more than 1% while the USD/ZAR declined by 90 basis points.
The pound to rand (GBPZAR) pair is inching nearer to its all-time high following the disappointing retail sales data from the UK and South African reopening.
The pound to rand exchange rate was little changed today as traders reflected on the South African stimulus package that was announced on Tuesday, UK manufacturing and services PMI, and an upcoming speech by Ramaphosa.
The pound to rand (GBPZAR) pair rallied as more problems started to emerge in the South African economy. Over the weekend, the number of coronavirus infections rose to more than 3,000. Deaths rose to more than 50 people.