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Results Of South Africa's Ruling Party Elections Are Boon To Rand

ZAR

The South African Rand has extended its rally over the announcement of the outcome of ANC leadership election, with several aspects of the contest likely aiding the move:

  1. weekend press reports flagging shifts in factional alliances may have prepared some observers for a tighter race between Cyril Ramaphosa and Zweli Mkhize, with organisational issues haunting the elective conference creating further headwinds for incumbent executives;
  2. Ramaphosa managed to increase his margin of victory versus the 2017 leadership election, while most of the top positions were claimed by his allies, which suggested that he still enjoys strong support from party members.
USD/ZAR started tracking lower before the official announcement as local reporters pointed to a "jubilant mood" in the Ramaphosa camp. The rate extended losses on the confirmation of results and bottomed out at ZAR17.1960. It last trades at ZAR17.2305, down ~4,530 pips on the day. The Rand is the best EMEA performer today, while local-currency bond yields have trimmed their earlier advance, with the 20-year note back to neutral levels.

South Africa's Finance Minister Godongwana said that Ramaphosa's re-election as ruling party leader suggests continuity in the nation's economic policy.

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