The South African rand advanced today as mood of Forex traders shifted yet again and hopes for stimulus returned to them. The Jackson Hole Symposium makes the FX market volatile and unpredictable as the market sentiment changes all the time depending on what investors expect to be said on the meeting.
Fed Chairman Ben Bernanke is going to speak at Jackson Hole today. Market participants are speculating whether he would hint at quantitative easing in his speech. Yesterday, pessimists prevailed, but today those who hope for stimulating measures from the Fed took the upper hand. That was positive for risky currencies, including the rand.
USD/ZAR was down from 8.4775 to 8.3946 as of 11:09 GMT today.
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