U.S. Data Help USD/ZAR Pull Back From Highs

USD/ZAR gives away gains lodged on the back of the earlier SARB headlines as it reacts to the release of U.S. NFP report, which inspired a round of dovish Fed repricing. The pair last operates at ZAR17.2421, up ~755 pips on the day, off the ZAR17.4343 intraday high.

• ANC Chairman Mantashe said that "the mandate of the Reserve Bank has to be expanded to meet the needs of the economy." The initial impact of these headlines may have been tempered by the relatively high bar for changing the SARB's constitutional mandate. The proposed changes would need the backing of two thirds of MPs, while the ANC controls 58% of seats in parliament.
• President Cyril Ramaphosa refused to shed light on the expected Cabinet reshuffle and said he "will apply his mind" to the matter. The ANC had earlier suggested that the decision would be announced within two weeks.
• Elsewhere, South African authorities said they would meet a global financial watchdog to prevent the country being greylisted by the body.
• U.S. employment growth stayed strong last month but wage gains provided some disappointment, while prior readings were revised lower.