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Technicals Flash Glimmer of Hope for S. Africa's Rand

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South Africa Finalizing Reform Package, Finance Minister Says

South Africa’s rand headed for an advance Thursday for the first time this week after data showed the country’s current-account deficit -- a major vulnerability amid the emerging-market sell-off -- narrowing from a two-year high.

But it’s not only the slight improvement in economic fundamentals and global risk appetite that’s supporting a rand rebound. Technical indicators suggest South Africa’s currency is due for a correction after slumping to a two-year low this week.