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SOUTH AFRICA: Rand Operates Near One-Year Highs

SOUTH AFRICA
  • Economic Freedom Fighters leader Julius Malema announced that Secretary General Marshall Dlamini will replace the party's former number two Floyd Shivambu as the Chief Whip in parliament. Shivambu unexpectedly quit the party last week, defecting to the rival opposition Umkhonto weSizwe (MK) Party. In a speech to his supporters, Malema took aim at Shivambu, the MK Party and potential defectors, calling upon them to "leave now and leave us alone."
  • TimesLIVE claims that new Johannesburg Mayor Dada Morero defied the instructions of provincial officials while appointing his executive council on Friday. The article suggests that Provincial Premier Panyaza Lesufi "had earmarked the finance MMC position for Morero's strongest political opponent Loyiso Masuku," but Morero failed to comply.
  • The rand strengthened to its best levels in more than a year, with USD/ZAR bottoming out at 17.6746 yesterday, ahead of the release of local CPI data tomorrow and better broader risk sentiment.
  • The SARB will release the latest reading of South Africa's leading indicator, which printed at 111.9 in May, at 08:00BST/09:00SAST.
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