The turmoil surrounding the US economy regarding the trade war with China, riots across the country and the ever rising amount of Covid-19 cases is making life very hard for traders. That said, the South African rand might turn out to benefit from the chaotic state of the US economy. South Africa is making significant leaps in reopening their economy. Last week however, the rand suffered on the markets against the greenback as the private sector report had a lukewarm reception. But even with this in mind, investors are still hoping that this will not change the overall trend of the pair and things will go back to the projected path.
Russia’s economical anguish notwithstanding, the ruble has been holding up against the dollar last month in a quite unexpected turn of events. As bearish investors start looking to the pair now, hopes are high that next month will have the same trend as well. Beyond its performance against the greenback, the Russian economy is in a dire situation, which does not seem to have any immediate or mid-term solutions. Though experts doubt that the superpower will suffer as much as some of the countries in South America for example or Spain and Italy in Europe, traders are still expecting and waiting for the sharp drop for the ruble that is no doubt coming.
Bearish traders are looking to the United States to Swiss franc pair as the significantly stronger European currency is overpowering the greenback and driving the pair to its support level. Experts are predicting that if this level is reached then the pair is likely to continue on the same track and sink even lower. Considering the political and social situation that the United States finds itself in, there seems to be no hope for bullish investors in the pair. With a devastating turmoil caused by a combination of the trade war, pandemic and the riots, the Swiss safe-haven currency does not see any trouble on the horizon.
In an unexpected turn of events, the Indian rupee has come on top against the United States dollar and seems to be causing a bearish trend for the pair. This is due in no small part to the GDP report coming from India which rallied a lot of support for the Asian currency. Though the momentum is somewhat buckling due to the reports on Nikkei Markit Manufacturing PMI results, traders are still confident that the pair will hold its course, as despite the underwhelming report from the manufacturing PMI, it still fared better than in previous reports, improving about 3.4%. As the rupee seems to continue to rise, the pair is projected to fall to its support level by mid-June.
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