At present, the ZAR continues to trade close to the levels at which it ended last week. It continues to trade within a relatively tight range but will continue to benefit from the USD’s depreciation. Once again, the USD appears to be on the defensive this morning. This time, it seems the culprit was a recovery in the EUR after the conservatives won the election in Germany ahead of the right-wing AfD party. A coalition government will have a distinct right-wing policy stance, but it is unclear what the final implications for the economy will be. Besides that, policymakers might consider reducing taxes and imposing some austerity measures. The EUR has staged a modest recovery at the expense of the USD.