# USD/ZAR: South African rand strength challenged by deteriorating fundamentals and risk-appetite reversal – CIBC — Octa

> CIBC forecasts USD/ZAR at 17.20 for the third quarter and 17.00 for the fourth quarter of 2020. The bank says speculative investors had raised long rand positions and foreign investors returned to local bonds, but this depends on continued risk appetite. CIBC also flagged rising Covid cases and the lockdown extended to the end of September.

- Date: 2020-07-28 · published 2020-07-28T12:00:00.000Z
- Category: macro · region South Africa · magnitude low
- Page: https://feedsoft.ai/events/52407-usd-zar-south-african-rand-strength-challenged-by-deteriorating-fundamentals
- Commodities: [South African Rand (ZAR per USD)](https://feedsoft.ai/c/USDZAR.md)

## Why it matters

The forecast is an analyst view on currency direction and does not change current feed commodity supply or demand.

## Sources

- octaafrica.net: https://www.octaafrica.net/markets/news/view/838837/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.