USD/ZAR: Here’s why the South African rand is in a meteoric rally

The USD/ZAR pair is up by more than 0.40% as investors react to the strong South Africa inflation data. The pair is trading at 16.7757 and is in its eighth straight day in the red. South Africa’s inflation improves South Africa’s consumer prices bounced back in July as the country continued its battle against the coronavirus pandemic. According to the bureau of statistics, the country’s headline consumer inflation rose by 3.2% on a year-on-year basis. That was higher than the 3.1% increase that analysts were expecting. It was also significantly higher than June’s increase of 2.2%. The CPI rose by