FX.co ★ South African Rand at Over 1-Week Low

The South African rand depreciated to approximately 16.5 per USD, marking its lowest level in over a week. This decline was driven by heightened risk aversion following President Trump's threat to impose 10% tariffs on several European nations as leverage against Denmark concerning Greenland. Domestically, market participants are focused on the upcoming inflation data set for release on January 21, with projections indicating a slight increase to 3.6% for December, up from 3.5% in November. The rand's downturn was somewhat mitigated by an upsurge in precious metal prices, particularly gold.