Rand Remains Best EMEA Performer Despite U.S. NFP Beat, Politics Still In Spotlight

The Rand remains the best EMEA performer and USD/ZAR continues to trade below neutral levels despite the boost delivered to greenback crosses by better than expected U.S. NFP report. The pair last operates at ZAR17.4700, down ~1,870 pips on the day, with bears looking for a resumption in sales and a breach of Nov 30 low of ZAR16.8980.

• ANC executives are locked in meetings to determine a common stance on whether President Ramaphosa should resign. Top decision-making body NEC adjourned its meeting and is expected to sit on Sunday, following consultations between most senior officials.
• The commodity complex has softened amid fears that a strong U.S. labour market would keep pressure on the Fed to remain aggressively hawkish. The aggregate BBG Commodity Index has shed ~1%, while the precious metals subindex sits ~0.6% lower on the session.
• The FTSE/JSE Africa has traded on a heavier footing after charting an apparent shooting star candlestick pattern Thursday. The index printed new cyclical highs at 76,338 yesterday before retreating amid ongoing political uncertainty.