Free Trial

Rand Holds Onto Familiar Range Ahead Of Public Holiday

ZAR

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.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.