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Rand Stays Strong Amid Ramaphosa Saga

ZAR

USD/ZAR is moving away from session lows on the back of above-forecast ISM Services, factory orders and durable goods orders released out of the U.S. The pair now trades at ZAR17.3430, down about 1,610 pips on the day. The Rand remain the best EMEA performer after local media outlets suggested that President Ramaphosa will fight to keep his post despite the damning verdict of Section 89 panel which found grounds for his impeachment.

  • The FTSE/JSE Africa All Share Index has climbed ~0.9% so far, erasing the prior trading day's losses, with bulls now looking to attack the recent cyclical high of 76,338.
  • The aggregate BBG Commodity Index has shed ~0.7% so far. The pullback in the precious metals subindex (down ~1% as we type) has now outpaced the downswing in headline index.
  • South Africa's Q3 GDP will take focus tomorrow, with Q4 BER Consumer Confidence, Q3 current account balance and Oct industrial output coming up Thursday.
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