USD/ZAR may return to 14.45

South Africa's Q3 GDP data is scheduled to publish today. The South African Reserve Bank will be focusing on the data as the Bank hiked interest rates last week. It is giving priority to the imminent inflation risks rather than considering the weak economy. At a higher GDP growth the more likely a rate hike would benefit the rand. 

"If, on the other hand, the data disappoints once again the central bank's recent step may be seen as a mistake. USD-ZAR could then rapidly return to its recent highs just below 14.45", says Commerzbank.