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SOUTH AFRICA: Ramaphosa Pledges ANC Renewal, USD/ZAR Tops 19.0

SOUTH AFRICA
EM BulletBulletEmerging Market News
  • President Cyril Ramaphosa told the supporters of the African National Congress (ANC) that "the outcome of the May elections was a sad moment" for the party and vowed to fight to "regain public confidence and return as a majority party in the next election." The leader delivered the so-called January 8 Statement, charting the party's priorities for the year ahead, during official celebrations of the 113th anniversary of its founding. Ramaphosa emphasised the importance of the Tripartite Alliance, seemingly in response of the recent decision of the South African Communist Party (SACP) to contest the upcoming local elections alone. The President directed thinly veiled critique at the MK Party and the EFF, referring to parties which "masquerade as more radical than the ANC, but their revolutionary-sounding rhetoric cannot hide the reality that they have common cause with the forces opposing transformation."
  • USD/ZAR crossed above the psychologically significant 19.0 figure Friday on the back of above-forecast US NFP data. The rate has already gained 1.6% this year, as the rand has been among the weakest EMEA performers.
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  • President Cyril Ramaphosa told the supporters of the African National Congress (ANC) that "the outcome of the May elections was a sad moment" for the party and vowed to fight to "regain public confidence and return as a majority party in the next election." The leader delivered the so-called January 8 Statement, charting the party's priorities for the year ahead, during official celebrations of the 113th anniversary of its founding. Ramaphosa emphasised the importance of the Tripartite Alliance, seemingly in response of the recent decision of the South African Communist Party (SACP) to contest the upcoming local elections alone. The President directed thinly veiled critique at the MK Party and the EFF, referring to parties which "masquerade as more radical than the ANC, but their revolutionary-sounding rhetoric cannot hide the reality that they have common cause with the forces opposing transformation."
  • USD/ZAR crossed above the psychologically significant 19.0 figure Friday on the back of above-forecast US NFP data. The rate has already gained 1.6% this year, as the rand has been among the weakest EMEA performers.