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ZAR Pauses For Breath, Ramaphosa Under the Corruption Microscope

SOUTH AFRICA
  • Local rates continue to trade weaker this morning, bear steepening for a third consecutive session.
  • 10Y yields trade marginally below 9.10, having pulled back from 9.00 support, while 30Y failed to hold 10.80 resistance.
  • USD/ZAR drifts higher after failing to establish a new low below the 14.20 handle on the back of early dollar weakness.
  • Reports of a possible corruption inquiry into Ramaphosa regarding alleged looting of billions from a 'heritage trust' does not bode well for Ramaphosa amid a push to have corruption accused officials step aside.
  • Markets will be monitoring how the story develops as the accusations implicate both the Treasury and FinMin Mboweni.
  • Some articles also noting a possible pause to Ramaphosa's plans for a Cabinet reshuffle, which was speculated to be coming soon and be a strong mark of Ramaphosa cementing his grip on power within the party.
  • CPI tomorrow remains a key focus, with some sell-side expecting a slightly softer print than the 3.3% exp – adding weight to expectations for a protracted period of unchanged policy rates from the SARB.
  • Intraday Sup1: 14.1879, Sup2: 14.1536, Res1: 14.3398, Res2: 14.3833
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market News
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market News

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