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Rand Lags EMEA Peers, Ramaphosa & Eskom Sagas In Focus

ZAR

USD/ZAR has climbed into the London morning, with the move initially facilitated by an upswing in the BBDXY index. The two are now diverging, with USD/ZAR extending gains despite a slight pullback in the BBDXY. Familiar political matters and the Eskom saga dominate local front pages.

  • President Ramaphosa has arrived at the venue where the ruling ANC's National Executive Committee holds its final meeting before the elective conference next week. The NEC is expected to discuss an integrity commission report on the Phala Phala scandal.
  • USD/ZAR last deals at ZAR17.2446, up ~890 pips on the session. The high print of of Dec 1 provides the initial bullish target at ZAR17.9596, while bears keep an eye on Nov 30 low of ZAR16.8980.
  • The BBG Commodity Index trades ~0.3% higher on the day, with the precious metals subindex up ~0.2%.
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