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Rand Erases Losses As Vote On Phala Phala Report Gets Underway

ZAR

USD/ZAR has now moved firmly into negative territory, wiping out all its prior gains, in reaction to the release of below-forecast U.S. CPI and the parliamentary debate on the Section 89 panel report in South Africa. The pair last operates at ZAR17.4550, down ~1,240 pips on the day.

  • Price action remains volatile as South African lawmakers have just started the vote on whether to launch impeachment proceedings against President Ramaphosa on the basis of the Section 89 panel report. MPs are called individually called to express their votes.

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