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Rand Extends Gains, S. Africa Treads Tightrope On Russia

SOUTH AFRICA
  • South African assets received a boon from wider risk-on flows coupled with a decent rally in precious metals yesterday. Spot USD/ZAR finished the session 1% below its previous close after failing at the neckline of a potential head-and-shoulders pattern, which will keep technically-oriented participants on the lookout for renewed losses. The Rand was the third best performer in Bloomberg's expanded list of 31 major currencies, lagging only the Russian Ruble and Korean Won.
  • The opposition EFF party threw in its two cents on the ICC arrest warrant for Vladimir Putin, noting that the Russian leader was "welcome" in South Africa and the party would drive him from the airport to his meetings and back if he was to visit the country. The ruling ANC party has not taken an official stance on the matter, with the arrest warrant putting its administration in an awkward position, albeit South Africa's chief diplomat confirmed that Putin has been invited to an August BRICS summit.
  • The City of Cape Town said that it was in talks with Eskom to take over the electricity supply of areas supplied by the utility but Mayor Geordin Hill-Lewis refused to unveil any further details.
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