EUR/ZAR explained

• EUR
• ZAR

What EUR/ZAR is

EUR/ZAR is the price of the euro in South African rand. The euro is the base currency and the rand is the quote currency. The quote tells you how many rand buy a single euro.

• When EUR/ZAR rises, the euro has gained against the rand, or the rand has weakened.
• When EUR/ZAR falls, the rand has gained against the euro.

EUR/ZAR is an exotic pair: a major currency paired with an emerging-market currency. Exotic pairs trade in smaller volumes than majors such as EUR/USD. For the difference between the groups, see majors, minors and exotics.

How to read the quote

A broker shows two prices:

• Bid: the price at which you can sell the euro.
• Ask: the price at which you can buy the euro.

The gap between them is the spread, a cost you pay on every trade. On EUR/ZAR the spread is usually wider than on major pairs, because fewer banks quote the rand actively.

Pip size and pip value

A pip is the standard unit of price movement for a pair. On EUR/ZAR it sits at the same decimal position as on most non-yen pairs. Because the rand is quoted in many units per euro, a pip on EUR/ZAR is a small amount of rand. The quote also moves many pips in a normal day.

Pip value is how much a single pip is worth for your position size. For EUR/ZAR it is calculated in rand first. It is then converted into your account currency at the current USD/ZAR or EUR/ZAR rate, so it changes as the rand moves. Enter your lot size and account currency in the calculator below rather than estimating it by hand.

A lot is the standard trade size. In general forex terms, a standard lot is a fixed amount of the base currency, here euros. Smaller sizes are fractions of a lot. Check the contract size for EUR/ZAR in your platform's symbol specification.

What moves the euro side

• ECB policy: European Central Bank rate decisions, statements and balance-sheet plans.
• Euro-area inflation: flash and final inflation releases shape expectations for ECB rates.
• PMIs: purchasing managers' surveys for manufacturing and services are early signals of growth.
• German data: factory orders, industrial output and business sentiment surveys carry weight because Germany is the largest euro-area economy.
• Energy prices: the euro area imports much of its energy, so gas and oil prices affect its trade balance and inflation.

What moves the rand side

• SARB policy: South African Reserve Bank rate decisions and its inflation outlook.
• Gold and platinum prices: South Africa is a large metals exporter, so metal prices feed into export income and rand demand. See metals.
• Power supply: electricity shortages and load-shedding news affect growth expectations.
• Fiscal news: budget statements, debt figures, state-company support and credit-rating decisions.
• Risk appetite: when global investors move away from risk, emerging-market currencies such as the rand often weaken. When appetite returns, they can recover. This can matter more than local data.

The rand is often more volatile than the euro. Large EUR/ZAR moves frequently start on the rand side. The USD/ZAR page covers the rand against the dollar. For how these drivers fit together, see fundamental analysis.

Liquidity by session and how spreads behave

• European session: the most active period for EUR/ZAR. Johannesburg and the main European centres trade at the same time, so spreads are usually at their narrowest.
• US session: activity continues while Europe is open. It thins after European markets close.
• Asian session and late evening: few participants, wider spreads and occasional sharp moves on thin volume.
• Around news: spreads can widen sharply just before and after ECB, SARB, inflation or South African fiscal releases.
• Weekends: the market closes. Prices can reopen at a different level after weekend news. This gap can skip past a stop-loss, so the order fills at a worse price.

Swaps are overnight financing charges or credits. On exotic pairs they are often larger than on majors because of the interest-rate gap between the two currencies. See swap fees.

EUR/ZAR at Exness

Our sourced facts do not confirm that EURZAR is listed at Exness. They also give no spread, swap, contract size or leverage figure for this pair. Before trading, open the symbol list in your platform and check whether EURZAR is available on your account type. If it is, read its contract specification there, or check the current condition in the Exness personal area or on the official site.

General conditions that are sourced:

• Exness lists Pakistan among countries whose clients are assigned swap-free status automatically (Algeria, Azerbaijan, Bahrain, Bangladesh, Brunei, Chad, Comoros, Côte d'Ivoire, Djibouti, Egypt, Indonesia, Iraq, Jordan, Kazakhstan, Kyrgyzstan, Kuwait, Lebanon, Libya, Maldives, Mauritania, Morocco, Niger, Oman, Pakistan, Qatar, Saudi Arabia, Senegal, Tajikistan, Tunisia, Turkiye, Turkmenistan, United Arab Emirates, Uzbekistan). Which instruments this covers can vary, so check it in your account. See Islamic finance.
• Account types differ in spread, commission and margin rules. See account types.

Use the margin calculator to see how much margin a position needs at a given leverage.

Before you trade, read the legal position for residents of Pakistan. On this point, per the SBP, remitting foreign exchange to overseas forex/margin/CFD platforms is not allowed through any payment channel (FERA s.5(1)). See law and regulators.

Risk on an exotic pair

Leveraged CFD and forex trading can lose money fast. On EUR/ZAR, wider spreads, larger swaps, sudden rand moves and weekend gaps add to that risk. Size positions so that a large move against you does not wipe out your account. For position sizing and stop-losses, see risk management.

Frequent questions

What does EURZAR mean?

It is the euro priced in South African rand: how many rand buy a single euro.

Why is the EUR/ZAR spread wider than EUR/USD?

The rand trades in lower volume than the dollar, and fewer banks quote it. Lower liquidity usually means a wider spread, especially outside European hours.

Is EURZAR available on Exness?

Our sourced facts do not confirm it. Check the symbol list in your platform or the Exness personal area.

How do I find the pip value for EUR/ZAR?

Use the pip calculator on this page. It converts the rand value into your account currency for the lot size you enter.

When is EUR/ZAR most active?

During the European session, when Johannesburg and the main European centres are both open.

Does gold affect the rand?

It can. South Africa exports gold and platinum, so metal prices influence demand for the rand. Global risk appetite and local news also play a large part.