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Rand Recoups Losses With S. African Cabinet Locked In Lekgotla

ZAR

Spot USD/ZAR has given away its earlier gains and last deals at ZAR17.0292, down ~150 pips on the session, with the ZAR now sitting around the middle of the EMEA scoreboard. The continued strength of the precious metals space might be lending some support to the South African Rand.

  • South Africa's electricity production shrank 8.3% Y/Y in December, while consumption was down 7.6% Y/Y. The country continues to suffer from an escalating energy crisis, which has led to unprecedented blackouts early this year.
  • The South African government confirmed that President Cyril Ramaphosa will deliver his State of the Nation Address on February 9 at 19:00 local time. The address will take place in Cape Town, before the joint sitting of the two houses of parliament.
  • The Cabinet's lekgotla is now underway. Reports are doing the rounds the Deputy President David Mabuza is not attending, as he is set to be replaced by Paul Mashatile, who succeeded him as ANC deputy leader.
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