Goldman Sachs
Global FX Strategy 2026
LIVE10 January 2026USD bearish
Back to CurrenciesBullish
USD/ZAR
Bullish ZAR as commodity terms of trade improve and carry remains attractive. GN
GS Forecast Path
Cross-Firm Forecast Comparison
Key Drivers
Commodity terms of trade
Political stability (GNU)
SARB cautious easing
Cheap valuations
All Firm Targets (Dec '26)
JPMBullish16.25
INGBullish16.25
BARCBullish16.10
GSBullish16.00
MUFGBullish16.00
BofABullish15.80
MSBullish15.75
DBStrongly Bullish15.50
Analysis Summary
Bullish ZAR as commodity terms of trade improve and carry remains attractive. GNU political stability supports investment flows. SARB cautious easing preserves rate advantage. Valuation remains cheap vs fair value near 16.