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South African Rand Jun '23 (T6M23)
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South African Rand Futures Market News and Commentary

Dollar Supported by a Hawkish Fed

The dollar index (DXY00) on Friday rose by +0.19%.  The dollar Friday rallied to a new 6-1/2 month high on carryover support from Wednesday when the FOMC signaled one more +25 bp rate hike this year and projected that the fed funds rate next year would be +50 bp higher than its June forecast. 

Hawkish comments Friday from several policymakers gave the dollar a boost.  Also, Friday’s better-than-expected U.S. manufacturing PMI news was bullish for the dollar.  The dollar was undercut Friday by stock market gains, which reduced liquidity demand for the dollar. 

The U.S. Sep S&P manufacturing PMI rose +1.0 to 48.9, stronger than expectations of 48.2.

San Francisco Fed President Daly said she is not ready to declare victory in the fight against inflation and said it is unlikely that inflation will reach the Fed's 2% goal in 2024.

Fed Governor Bowman said, "I continue to expect that further rate hikes will likely be needed to return inflation to 2% in a timely way... 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
$1,760/1,600
First Notice Date
06/19/23
Expiration Date
06/16/23 (expired)

Seasonal Chart

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

Commitment of Traders Positions as of Sep 12, 2023

View Chart Details
Commercials - Long / Short
21,613 (+39)
12,598 (-258)
Non-Commercials - Long / Short
2,224 (-119)
10,423 (-17)
Dealers / Intermediary - Long / Short
20,999 (-5)
7,151 (+16)
Asset / Manager - Long / Short
583 (-25)
3,214 (-108)
Leveraged Funds - Long / Short
1,918 (-96)
12,627 (-212)
Other Reportables - Long / Short
308 (+17)
N/A
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
0.050150 +9.52%
on 06/01/23
0.055150 -0.41%
on 06/16/23
+0.002725 (+5.22%)
since 05/16/23
3-Month
0.050150 +9.52%
on 06/01/23
0.056150 -2.18%
on 03/31/23
+0.001075 (+2.00%)
since 03/16/23
52-Week
0.050150 +9.52%
on 06/01/23
0.061050 -10.03%
on 06/24/22
-0.005400 (-8.95%)
since 06/16/22

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Most Recent Stories

More News
Dollar Supported by a Hawkish Fed

The dollar index (DXY00 ) on Friday rose by +0.19%. The dollar Friday rallied to a new 6-1/2 month high on carryover support from Wednesday when the FOMC signaled one more +25 bp rate hike this year and...

DXY00 : 105.583s (+0.21%)
^EURUSD : 1.06443 (-0.17%)
^USDJPY : 148.367 (+0.55%)
GCZ23 : 1,945.6s (+0.31%)
SIZ23 : 23.844s (+0.66%)
Is What the Fed Said a Surprise?

While some like to say they were surprised by what the US Fed did and said, the reality is there has been plenty of time to plan ahead based on previous comments.

$DXY : 105.58 (+0.18%)
^EURUSD : 1.06443 (-0.17%)
Lower Bond Yields Spark Mild Recovery in Stocks

What you need to know… The S&P 500 Index ($SPX ) (SPY ) today is up +0.43%, the Dow Jones Industrials Index ($DOWI ) (DIA ) is up +0.13%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is up +0.88%. Stocks...

$SPX : 4,320.06 (-0.23%)
SPY : 430.42 (-0.22%)
$DOWI : 33,963.84 (-0.31%)
DIA : 339.58 (-0.29%)
$IUXX : 14,701.10 (+0.05%)
QQQ : 357.91 (+0.01%)
WDC : 45.14 (+1.58%)
META : 299.08 (+1.13%)
ON : 93.81 (+3.17%)
NVDA : 416.10 (+1.45%)
ASML : 587.10 (+0.86%)
AMAT : 136.17 (+0.72%)
Dollar Relinquishes Most of its Gains on Yen Strength

The dollar index (DXY00 ) on Thursday gave up an early advance and finished little changed, up only +0.01%. The dollar Thursday initially climbed to a 6-1/2 month high on carryover support from Wednesday...

DXY00 : 105.583s (+0.21%)
^EURUSD : 1.06443 (-0.17%)
^USDJPY : 148.367 (+0.55%)
GCZ23 : 1,945.6s (+0.31%)
SIZ23 : 23.844s (+0.66%)
Stocks Slump and Bond Yields Climb on Fed Jitters

What you need to know… The S&P 500 Index ($SPX ) (SPY ) today is down -1.01%, the Dow Jones Industrials Index ($DOWI ) (DIA ) is down -0.52%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is down -1.17%....

$SPX : 4,320.06 (-0.23%)
SPY : 430.42 (-0.22%)
$DOWI : 33,963.84 (-0.31%)
DIA : 339.58 (-0.29%)
$IUXX : 14,701.10 (+0.05%)
QQQ : 357.91 (+0.01%)
AMZN : 129.12 (-0.16%)
GOOGL : 130.25 (-0.15%)
ADBE : 512.90 (-0.19%)
TSLA : 244.88 (-4.23%)
META : 299.08 (+1.13%)
DHI : 109.30 (+0.23%)
Dollar Recovers Early Losses on Hawkish FOMC

The dollar index (DXY00 ) on Wednesday recovered from early losses and rose +0.11%. The dollar on Wednesday opened lower on weaker T-note yields and on strength in stocks that curbed liquidity demand...

DXY00 : 105.583s (+0.21%)
^EURUSD : 1.06443 (-0.17%)
^USDJPY : 148.367 (+0.55%)
GCZ23 : 1,945.6s (+0.31%)
SIZ23 : 23.844s (+0.66%)
Stocks Push Higher Ahead of FOMC and Powell Comments

What you need to know… The S&P 500 Index ($SPX ) (SPY ) today is up +0.23%, the Dow Jones Industrials Index ($DOWI ) (DIA ) is up +0.46%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is up +0.03%. Stocks...

$SPX : 4,320.06 (-0.23%)
SPY : 430.42 (-0.22%)
$DOWI : 33,963.84 (-0.31%)
DIA : 339.58 (-0.29%)
$IUXX : 14,701.10 (+0.05%)
QQQ : 357.91 (+0.01%)
WDC : 45.14 (+1.58%)
TXT : 77.79 (-0.17%)
BSX : 53.60 (-0.69%)
IBM : 146.91 (-0.32%)
LULU : 388.05 (+1.08%)
PINS : 26.72 (+1.02%)
Why Japanese Yen Keeps Falling

The Japanese Yen continues to fall, and is now near the level that triggered government intervention last year. Why is Yen so weak and will it keep falling? In this episode, we talked to Clive Ponsonby,...

Dollar Slips on Prospects for Weaker U.S. Economic Growth

The dollar index (DXY00 ) on Tuesday fell -0.06% despite expectations for a hawkish FOMC meeting this week and Tuesday’s +5.4 bp rise in the 10-year T-note yield. The forex market Tuesday seemed to...

DXY00 : 105.583s (+0.21%)
^EURUSD : 1.06443 (-0.17%)
^USDJPY : 148.367 (+0.55%)
GCZ23 : 1,945.6s (+0.31%)
SIZ23 : 23.844s (+0.66%)
Stocks Fall as Crude Oil Surge Complicates the FOMC’s Task

What you need to know… The S&P 500 Index ($SPX ) (SPY ) today is down -0.49%, the Dow Jones Industrials Index ($DOWI ) (DIA ) is down -0.44%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is down -0.80%....

$SPX : 4,320.06 (-0.23%)
SPY : 430.42 (-0.22%)
$DOWI : 33,963.84 (-0.31%)
DIA : 339.58 (-0.29%)
$IUXX : 14,701.10 (+0.05%)
QQQ : 357.91 (+0.01%)
GM : 32.58 (-0.40%)
F : 12.43 (+1.89%)
STLA : 19.35 (+0.10%)
XOM : 114.94 (+0.16%)
CVX : 166.28 (+0.66%)
COP : 119.16 (+0.08%)

Barchart Technical Opinion

The Barchart Technical Opinion rating is a 48% Buy with a Strengthening short term outlook on maintaining the current direction.

The market is in highly overbought territory. Beware of a trend reversal.

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Key Turning Points

3rd Resistance Point 0.055500
2nd Resistance Point 0.055325
1st Resistance Point 0.055125
Last Price 0.054925s
1st Support Level 0.054750
2nd Support Level 0.054575
3rd Support Level 0.054375

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52-Week High 0.061050
Fibonacci 61.8% 0.056886
Fibonacci 50% 0.055600
Last Price 0.054925s
Fibonacci 38.2% 0.054314
52-Week Low 0.050150

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