World’s Best Currency? South African Rand

Surprising story buried deep on Bloomberg: The world’s strongest currency is the South African Rand:

South Africa’s rand, the world’s best-performing major currency this year, may rally another 4 percent if it breaks through 8.23 per dollar and stays there, based on technical analysis by Barclays Plc-owned Absa Capital.

Candlestick charting shows the rand closed stronger than its opening levels everyday last week, suggesting it’s “fighting” to appreciate further, said Judy Padayachee, a technical analyst at Johannesburg-based Absa. Even so, it has yet to remain stronger than the so-called “resistance” level of 8.23 per dollar, according to Padayachee.

Go figure . . .

Nice looking bill, though:

rand

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Source:
Rand, World’s Best Currency, May Gain 4%: Technical Analysis
Garth Theunissen
Bloomberg, May 25, 2009
http://www.bloomberg.com/apps/news?pid=20601110&sid=aFyPvht9_PEU

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