Rand Pays Little Attention To Political Headlines, Gov't Bond Yields Fall Further

USD/ZAR is stable after the initial sell-off driven by the reverberations of strong Chinese data released overnight. The space has ignored domestic political headlines, as participants look for further clarity on familiar developments.

• The rate last operates at ZAR18.1393, down ~2,180 pips on the session, with familiar technical levels still in play. Local-currency bond yields have extended declines across the curve.
• South Africa's Constitutional Court dismissed President Ramaphosa's bid to challenge the Section 89 panel report on the Phala Phala scandal. This means he will have to approach the High Court to challenge the report's findings against him. Local assets have been unfazed by the news.
• Deputy President David Mabuza has officially stepped down to make room for a successor, likely the newly elected ANC deputy leader Paul Mashatile.