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South African Rand Dec '23 (T6Z23)
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South African Rand Futures Market News and Commentary

Dollar Falls and Gold Soars to Record High on Dovish Fed Comments

The dollar index (DXY00) on Friday fell by -0.23%.  On Friday, the dollar relinquished early gains and posted moderate losses on weak U.S. economic news and dovish Fed-speak.  The Nov U.S. ISM manufacturing index contracted more than expected, a dovish factor for Fed policy.  Losses in the dollar accelerated after Fed Chair Powell and Chicago Fed President Goolsbee signaled their support for the Fed to leave interest rates steady at the upcoming Dec 12-13 FOMC meeting.

Friday’s U.S. economic news was mixed for the dollar.  On the bearish side, the Nov ISM manufacturing index was unchanged at 46.7, weaker than expectations of an increase to 47.8 and the 13th consecutive month of contraction in manufacturing activity.  Conversely, Oct construction spending rose +0.6% m/m, stronger than expectations of +0.3% m/m.

Dovish Fed comments on Friday weighed on the dollar.  Fed Chair Powell signaled the Fed will leave interest rates steady at the Dec 12-13 FOMC meeting when he said... Read more

Contract Specifications

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Contract
South African Rand
Contract Size
ZAR 500,000
Tick Size
0.000025 points ($12.50 per contract)
Trading Hours
5:00p.m. - 4:00p.m. (Sun-Fri) (Settles 2:00p.m.) CST
Exchange
CME
Point Value
$500,000
Margin/Maintenance
$1,540/1,400
First Notice Date
12/15/23 (12 days)
Expiration Date
12/18/23 (15 days)

Seasonal Chart

South African Rand Dec '23
Average Price Chart for 5 Prior Dec Contracts

Commitment of Traders Positions as of Nov 28, 2023

View Chart Details
Commercials - Long / Short
2,516 (+295)
4,474 (-142)
Non-Commercials - Long / Short
9,030 (-7,118)
7,342 (-6,791)
Dealers / Intermediary - Long / Short
459 (+99)
2,790 (+32)
Asset / Manager - Long / Short
2,586 (-11,575)
1,529 (+435)
Leveraged Funds - Long / Short
8,122 (+4,702)
7,041 (-7,520)
Other Reportables - Long / Short
231 (-35)
308 (+134)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
0.052625 +1.95%
on 11/30/23
0.055350 -3.07%
on 11/16/23
-0.000025 (-0.05%)
since 11/01/23
3-Month
0.050625 +5.98%
on 10/06/23
0.055350 -3.07%
on 11/16/23
+0.000975 (+1.85%)
since 09/01/23
52-Week
0.049525 +8.33%
on 05/25/23
0.058375 -8.09%
on 01/12/23
-0.001525 (-2.76%)
since 12/01/22

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Most Recent Stories

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Dollar Falls and Gold Soars to Record High on Dovish Fed Comments

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Dollar Recovers Early Losses on U.S. Economic Strength

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Dollar Falls on Dovish Fed Comments and Euro Strength

The dollar index (DXY00 ) on Tuesday fell by -0.34% and posted a 3-1/2 month low. The dollar Tuesday was under pressure on dovish comments from Fed Governor Waller, who said that Fed policy is well-positioned,...

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Dollar Moves Lower on Weak U.S. Economic News

The dollar index (DXY00 ) on Monday fell by -0.18%. On Monday, the dollar gave up early gains and posted moderate losses as weaker-than-expected U.S. economic news on October new home sales and the Nov...

Barchart Technical Opinion

The Barchart Opinion rating is a Hold. Short term, the outlook is Falling.

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Key Turning Points

3rd Resistance Point 0.054800
2nd Resistance Point 0.054250
1st Resistance Point 0.053950
Last Price 0.053650s
1st Support Level 0.053100
2nd Support Level 0.052550
3rd Support Level 0.052250

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52-Week High 0.058375
Fibonacci 61.8% 0.054994
Fibonacci 50% 0.053950
Last Price 0.053650s
Fibonacci 38.2% 0.052906
52-Week Low 0.049525

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