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Rand Takes Hit After Fresh Poll Shows Dip In Support For ANC, Strong Showing From MK Party

ZAR

Spot USD/ZAR shot higher as a fresh survey from the Social Research Foundation (SRF) showed that support for the ruling African National Congress (ANC) fell to 37%, while ex-President Zuma's MK Party took third place with a 13% support rate. The figures were first reported by Bloomberg, who obtained them as part of comments emailed by the SRF.

  • The SRF reported in January that ex-President Zuma enjoys the support of around a third of voters and flagged a risk posed by the MK Party's popularity in KwaZulu-Natal, but significantly underestimated the party's national potential.
  • USD/ZAR rallied as high as to 18.6231 before trimming gains and last deals at 18.5555, around 950 pips above yesterday's close. Yields on SAGBs have advanced across the curve amid the perceived risk of difficult coalition talks in the wake of next month's elections.
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