This is the current AUD-ZAR mid-market exchange rate. The Total Cost of buying foreign currency in the above table is calculated as the sum of all fees and the exchange rate margin, which is the difference between the provider's exchange rate and the mid-market AUD-ZAR exchange rate.
Whenever you are researching a particular exchange rate you are actually interested in two currencies as the value of a currency must always be quoted relative to a second currency.
So it follows that if you are determining the best time to transact, in this case the AUD vs ZAR, you should pay attention to both Australian Dollar and South African Rand news and forecasts.
17-January-19: The Australian dollar recovered strongly following a "flash crash" in early January which saw it briefly trade at a 10-year low of 67.4 US cents.
By the time of this report, AUD/USD was back at 72 cents and roughly in line with December’s median exchange rate. The Aussie was similarly strong against other major currencies following its mini crash.
Several months ago, most analysts agreed that the Aussie was heading higher in 2019, but things have changed. In recent months, investors have become increasingly certain that no increase to Australian interest rates will be seen until 2020; there is, in fact, now a 25 percent chance of an RBA cut, per derivatives pricing. Inaction on interest rates will force capital away from Australia and towards countries where rates are higher or are expected to increase.
One senior researcher at BNP Paribas said in January that the Australian dollar would “get absolutely crucified and could suffer a 25-30 percent [long-term] fall.”
In opposition to that view, at least relative to the US dollar, was a CIBC analyst, who said that at current levels the Aussie was “very undervalued” and was his “best bet” for 2019. The analyst’s view was based upon there being a positive resolution to the US-China trade spat. The Aussie could be worth as much as 78 US cents in the second half of 2019, the analyst said.
18-January-19: 2018 was a grim year for the rand: it lost 14 percent of its value against the US dollar, lost nearly 10 percent against the euro, and lost 4.4 percent against the Australian dollar.
Though the rand has had a good start to 2019 (by January-18 it was up 2-3 percent against many major currencies), its outlook took a disappointing turn in January following a dovish meeting of the South African Reserve Bank.
At its meeting, the SARB pointed to significant improvements to the inflation outlook in South Africa, and indicated that this meant less of an incentive to raise interest rates. The SARB predicted only one further increase in rates between now and the end of 2021, down from a predicted three increases in November.
In addition, 2019’s general election will undoubtedly add uncertainty given the divisions within South Africa's ruling ANC party, and uncertainty usually leads to lower currency prices.
In mid-January, year-end forecasts offered by TradingEconomics.com signalled rand weakness worth nearly 10 percent from levels at the time of writing. USD/ZAR will end 2019 at 15.31, TE has said, and EUR/ZAR will end at 17.14.
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