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In Case You Missed Last Night: Tito Mboweni Steps Down As FinMin

SOUTH AFRICA
  • South African Finance Minister Tito Mboweni resigned, President Cyril Ramaphosa said yesterday.
  • The former central bank governor, whose appointment to the post sparked a financial-market rally is 2018, is popular among investors for his strong stance on reining in government spending, cutting public-sector wages and support for loss-making state-owned companies, and selling some state assets (BBG).
  • Ramaphosa named Enoch Godongwana, former head of the ANC's Economic Transformation Committee, to replace him.
  • Implied volatility on the ZAR surged yesterday following the news, with USDZAR spiking above its 200DMA (14.68) before consolidating lower. Key resistance on the topside stands at 14.82, which represents the 23.6% Fibo retracement of the 13.42 – 19.35 range, followed by 15. On the downside, first support to watch stands at 14.29 (100DMA).
  • The 10Y yield continues to retrace higher after finding support slightly above the 200DMA (9.06%) earlier this week; the 10Y broke above its 100DMA (9.25%) this morning, next resistance to watch on the topside stands at 9.40%.
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