South African Rand | ZAR to USD last = 14.426 1w: -0.01 (-0.09%)
Consensus (median)14141413
High estimate16161718
Low estimate12101312
Standard Deviation1122
Count of Estimates262086

The ZAR appreciation vs USD mostly reflects reduction in political risk, due to new African National Congress leadership and Zuma's early dismissal. Market in anticipation of reforms and their positive impact on economic conditions and political environment. But I think this reduction in political risk primarily reflects hope of future changes, not their implementation. Therefore I expect further ZAR depreciation vs USD.