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CANADA BUDGETS CAD40.1B DEFICIT IN FISCAL 2023-24

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Rand Holds Onto Familiar Range Ahead Of Public Holiday

ZAR
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Spot USD/ZAR operates at ZAR18.3813, down ~180 pips on the session. The rate has been trading sideways over the past few hours, with local players assessing domestic developments outlined below. The Rand is struggling for further gains despite continued strength in precious metals.

  • Eskom announced another reduction in load-shedding and is now planning to suspend power outages entirely between 05:00 and 16:00 on Sunday. That said, South Africa's new Electricity Minister warned that load-shedding could become even worse as Eskom needs to revise its performance targets.
  • Reminder that South Africa will observe a public holiday on Tuesday, with many workers taking Monday off to have a long weekend. This coincides with a "national shutdown" called by the opposition EFF party for Monday, which has raised concerns over potential for violent protests.
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Spot USD/ZAR operates at ZAR18.3813, down ~180 pips on the session. The rate has been trading sideways over the past few hours, with local players assessing domestic developments outlined below. The Rand is struggling for further gains despite continued strength in precious metals.

  • Eskom announced another reduction in load-shedding and is now planning to suspend power outages entirely between 05:00 and 16:00 on Sunday. That said, South Africa's new Electricity Minister warned that load-shedding could become even worse as Eskom needs to revise its performance targets.
  • Reminder that South Africa will observe a public holiday on Tuesday, with many workers taking Monday off to have a long weekend. This coincides with a "national shutdown" called by the opposition EFF party for Monday, which has raised concerns over potential for violent protests.