Interest Rate Differentials: The relative interest rates set by the Reserve Bank of Australia (RBA) and the South African Reserve Bank (SARB) influence capital flows and currency demand.

Commodity Prices: Australia is a major exporter of commodities; therefore, global commodity prices, particularly for iron ore and coal, affect the AUD. South Africa also exports commodities, impacting the ZAR.

Global Risk Sentiment: When global risk aversion is high, investors often seek safe-haven currencies. This can weaken both the AUD and ZAR relative to other currencies.

Economic Data Releases: Key economic data releases from both Australia and South Africa, such as GDP growth, inflation figures, and employment data, can impact currency valuations.