Best GBP/ZAR rates

Sterling has rallied just shy of 10% throughout the course of August to push GBP/ZAR to its highest level since September 2016. The pounds rally started following President Trumps sanctions placed on Turkey – as I wrote about earlier this month. Following these sanctions the Turkish Lira devalued by more than 30% in a day causing some significant market jitters amongst investors, hedge funds and other financial institutions.

From the graph below you can see how much the pound has rallied this year. As you can see the major move was seen in early August. The reason for the move was due to significant selling for ‘higher risk’ currencies, such as the ZAR, AUD and NZD. Historically the ZAR is the most volatile currency in the market due to the high yield it offers. For this reason it can be susceptible to significant market movement, particularity during times of economic uncertainty. This current trend may not hang around for long so anyone buying ZAR may wish to look at their position sooner rather than later.

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