African Traders Flock to NAS100: All-Time High Leads to Massive Trading Volumes
While Africa may not provide some of the biggest trading volumes in the world just yet, the continent is seeing a surge in online trading within forex, stocks, cryptocurrencies and indices.
South Africa in particular has seen an influx of online traders looking to take advantage of the USD/ZAR pair’s extremely volatile pricing during the COVID-19 pandemic. Following a strong rally [ZAR strength] at the beginning of the year which saw the pair tap under 14.000, a four month downturn, due to one of the worlds longest and harshest lockdowns during the pandemic, saw the USD/ZAR pair hit an all-time high of 19.310.
The Rand dropped 39% since January, before seeing a 15% recovery beginning in April. Over the last three weeks, due to Rand strength, the USD/ZAR has dropped a further 8%.
While the majority of the financial markets have seen extreme volatility, the NASDAQ 100 has been a recent favourite among traders due to the volatility. The Index saw positive gains leading up to the COVID-19 pandemic before dropping to a new one year low of 6650, preceded by just under four months of continuous upwards momentum which saw the NAS100 break it’s all-time high continuously for 7 weeks in a three month time period.
The NAS100 index trading pair has been a favourite with Africans for the past several years and continues to draw massive trading volume on the continent.
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