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ZAR fell sharply Tuesday as senior.....>

SOUTH AFRICA
SOUTH AFRICA: ZAR fell sharply Tuesday as senior ANC members (as well as their
parliamentary ally the Communist Party) called for the South African central
bank's mandate to be revised and include growth and employment and explore the
use of quantitative easing for financing projects. The move extended into the
Wednesday session, prompting USD/ZAR to top out at 14.8258 before pulling back
to trade flat on the day.
-The recovery in ZAR off the day's lows comes alongside a broader recovery in
EMFX as well as comments from the finance minister Mboweni, who stated that "no
one is talking about changing the mandate of the central bank", warning that a
dispute about the mandate is destabilising markets.
-ZAR implied vols are rising across the curve, with the 3m measure now sitting
close to the best levels since early April. Options trades so far Wednesday have
favoured USD/ZAR upside exposure with some of the larger trades including a
$100mln 15.00/16/00 3m call spread. Volatility bets are the larger trades of the
day with a $280mln 13.4135/16.6935 3m strangle crossing in early European hours.
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