FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Rand Knee-Jerks Higher As Ramaphosa Files Legal Challenge Against Phala Phala Report

ZAR

The Rand knee-jerked higher on headlines noting that President Cyril Ramaphosa has applied to the Constitutional Court for a legal review of the Section 89 report which found that there were grounds for launching an impeachment case against him. The move has been quickly retraced as Ramaphosa's lawyer had pre-announced the move over the weekend.

  • ANC executive bodies are currently locked in meetings ahead of the parliamentary debate on the report slated for tomorrow. It is now expected that the ANC instructs its lawmakers to defend the President tomorrow, while the Speaker rejected a petition to vote by secret ballot.
  • USD/ZAR trades at ZAR17.3390, down ~1,660 pips on the day, near the levels where it traded before the Ramaphosa headlines crossed the wires. EUR/ZAR changes hands at ZAR18.2605, down ~1,530 pips, with bears setting their sights on Nov 30 low of ZAR17.4869.
BulletEM BulletEmerging Market NewsHomepage
BulletEM BulletEmerging Market NewsHomepage

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.