Wednesday, March 17, 2010

US Leaves Repo Rate Unchanged

The ZAR firmed against the US $ today following the US Federal Reserve’s policy setting committee commitment to keeping the US repo rate unchanged at 0.25 %.

The US Federal Reserve’s statement caused the US dollar to weaken and gave commodity prices such as gold and oil a boost. This drove commodity currencies like the ZAR and Aus $ to rally against the weaker US $.