USD/ZAR bounces off two-week low as S&P cut South Africa’s credit rating

Early Thursday morning in Asia, even ahead of the Tokyo session, the global rating agency S&P cut South African credit rating from BB to BB-. In doing so, the rating giant left the nation’s outlook stable.

USD/ZAR recovers from a multi-day low…

Following the news, USD/ZAR gained quick bids from the two-week low of 18.11 to 18.19, currently around 18.18. The currency pair dropped to the lowest in 14-days on Wednesday after South Africa's President Cyril Ramaphosa announced a phased easing of five-week lockdown restrictions from May 1.