After what was shaping up to be a torrid week for the ZAR, last week closed out fairly close to where it started,
which was not something many anticipated, given that the appreciation of the trade-weighted USD did not give up
any ground. The USD has sustained its recent gains, which coincide with investors reducing their bets on the full
extent of rate cuts. It follows some stronger-than-expected US data that gave rise to expectations that the US
economy is resilient and likely to enjoy a soft landing.