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South African Rand Sep '24 (T6U24)

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South African Rand Futures Market News and Commentary

Dollar Slides as Weak US Economic News Bolsters Rate Cut Hopes

The dollar index (DXY00) Wednesday fell by -0.33% and posted a 3-week low.  The dollar came under pressure Wednesday on weaker-than-expected US labor market news that showed a smaller-than-expected increase in the Jun ADP employment and a jump in weekly continuing unemployment claims to a 2-1/2 year high, a dovish factor for Fed policy.  Also, a widening of the US trade deficit in May to a 19-month high is bearish for the dollar.  Losses in the dollar accelerated after the Jun ISM services index contracted by the most in 4 years.

The US Jun ADP employment change rose +150,000, weaker than expectations of +165,000.

US weekly initial unemployment claims rose +4,000 to 238,000, showing a weaker labor market than expectations of 235,000.  Weekly continuing claims rose +26,000 to a 2-1/2 year high of 1.858 million, showing a weaker labor market than expectations of 1.840 million.

The US May trade deficit widened to a 19-month high of -$75.1 billion from -$74.5 billion i... 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
$1,540/1,400
First Notice Date
09/16/24 (75 days)
Expiration Date
09/16/24 (75 days)

Seasonal Chart

South African Rand Sep '24
Average Price Chart for 5 Prior Sep Contracts

Commitment of Traders Positions as of Jun 25, 2024

View Chart Details
Commercials - Long / Short
6,501 (+1,673)
13,389 (+5,901)
Non-Commercials - Long / Short
39,567 (+12,703)
34,038 (+8,519)
Dealers / Intermediary - Long / Short
2,012 (+184)
8,992 (+2,707)
Asset / Manager - Long / Short
38,466 (+12,074)
743 (-82)
Leveraged Funds - Long / Short
4,413 (+1,292)
37,436 (+11,978)
Other Reportables - Long / Short
1,046 (+811)
125 (-198)
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Price Performance

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Period Period Low Period High Performance
1-Month
0.052225 +3.30%
on 06/06/24
0.055625 -3.01%
on 06/21/24
+0.000450 (+0.84%)
since 06/03/24
3-Month
0.051075 +5.63%
on 04/19/24
0.055625 -3.01%
on 06/21/24
+0.001050 (+1.98%)
since 04/03/24
52-Week
0.049750 +8.44%
on 10/05/23
0.055625 -3.01%
on 06/21/24
+0.002850 (+5.58%)
since 07/03/23

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Barchart Technical Opinion

The Barchart Technical Opinion rating is a 24% Buy with a Weakest short term outlook on maintaining the current direction.

Long term indicators fully support a continuation of the trend.

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Key Turning Points

3rd Resistance Point 0.054817
2nd Resistance Point 0.054508
1st Resistance Point 0.053917
Last Price 0.053950s
1st Support Level 0.053017
2nd Support Level 0.052708
3rd Support Level 0.052117

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52-Week High 0.055625
Last Price 0.053950s
Fibonacci 61.8% 0.053381
Fibonacci 50% 0.052687
Fibonacci 38.2% 0.051994
52-Week Low 0.049750

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