Economists at ING expect the rand to stay under pressure for the time being. Subsequently, USD/ZAR could reach the 17 level on a break past the stubborn resistance at 16.35.

Rising US real yields and the China slowdown weigh on emerging markets

“16.35 is big resistance for USD/ZAR, above which 17.00 beckons for later in the year.” 

“Rising US real yields and the China slowdown continue to make the bear case for emerging markets.”