USD/ZAR
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US DOLLAR / SOUTH AFRICA RAND Trading
The USD/ZAR is an exotic pair not traded as often as the majors but also gaining in popularity among traders. Traders might use USD/ZAR forex pair to hedge their currency exposure for an asset purchase or funds received in USD. This act offers them to lock in the current exchange rate and helps to avoid fluctuations of the currency.
History of USD ZAR Trading
The USD dates back to 1792, when the United States Congress created the US dollar as the official country’s currency. It serves as legal tender in many countries, and it is the most widely used currency in the world both in circulation and reserve. The US dollar forms the majors as it pairs with all main currencies in the foreign exchange market (forex).
The South African rand is the official currency of South Africa but also a legal tender in Swaziland, Lesotho and Namibia. After apartheid period sanctions, the South African rand experienced high volatility when depreciating. Today the ZAR looks stronger when investors decide to take on more risk in the developing countries.
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USD/ZAR Trading FAQs
When Is the Best Time to Trade USD/ZAR?
When Is the Best Time to Trade USD/ZAR?
While forex pairs can theoretically be traded 24 hours a day, there are optimum times to trade the USD/ZAR whenever the currency pair is more volatile. From 10:00 to 17:00 SAST., the USD/ZAR is usually busy (SAST).
What affects USD/ZAR investing?
What affects USD/ZAR investing?
Many factors can affect the USD/ZAR market sentiment and spot rates, such as central banks policies, the price of commodities in each country, exports of both countries, economic growth, and political stability.
Why Is the USD/ZAR Currency Pair Significant to Traders?
Why Is the USD/ZAR Currency
Pair Significant to Traders?
While the USD/ZAR is referred to as an exotic pair in the foreign exchange market, it carries a wider spread and, in turn, a higher cost to trade. Nevertheless, the lower liquidity does offer higher volatility and, in turn, a higher reward opportunity on offer.
Where Can I Find a Trusted Forex Broker to Trade USD/ZAR?
Where Can I Find a Trusted
Forex Broker to Trade USD/ZAR?
As you may already know, trading via CFDs (contracts for difference) is one of the most popular approaches when dealing with currencies such as USD and ZAR. While there are numerous Forex brokers out there. Try to find one that suits your needs. Such as FP Markets, a fully regulated broker that offers all types of platforms and accounts, to suit every need.