The rand opens at 11.83/$ after emerging market currencies recovered overnight thanks to dollar weakness. The greenback weakened after Pres. Trump’s plans to impose tariffs on steel/aluminium imports took a big blow, with Democrats and Republicans being opposed to the idea (meaning the plan probably won’t become policy and a global trade war less likely)…
Continue reading…
Trade war fears ease
Forget the bark, Powell bites!
US Fed chair Jerome Powell’s hawkish (very positive) testimony yesterday has sent the greenback on a mini-rally.
The dollar gained more than 1% against the majors as Powell expressed optimism that the US economy remains strong.
Continue reading…
SONA: Ticked, next-up: Budget – tick tock…
By all accounts President Ramaphosa’s first address to the nation was a roaring success.
All eyes now shift to the 2018 Budget Speech set for Wednesday at 14:00. The rand’s reaction to SONA was muted, with markets waiting to see Wednesday’s balancing act. National Treasury’s focus will be on how to confront the ballooning budget deficit and government debt, amongst many other issues (with the short term goal being to avoid yet another credit rating downgrade).
Continue reading…
No Zooooma Response…. No Confidence!!
Pressure mounts as there is still no outcome as to when President Zuma will be vacating the Union Buildings.
The ANC is expected to have a press conference by 2pm today on whether Zuma would be resigning…rather late than never. In addition, opposing parties are running out of patience and are pushing for a vote of “No Confidence”.
Continue reading…
Z-Day has arrived for Rand!
The countdown has begun as Zuma’s days as President appear to be numbered with the ANC NEC meeting later today.
After the long wait and numerous speculation “Patience” is still key. USD/ZAR opens below 12/$ as EM Markets remain strong regardless of the volatility in global stock markets.
Continue reading…
Rand recovers as US Stocks whiplash
The rand broke below 12/$ overnight as US stocks clawed back more than half their losses seen Monday.
The Zuma saga continues as today’s ANC NEC meeting along with the State of the Nation Address was postponed in order to give more time for talks between Zuma and Ramaphosa (Indicating Zuma may have one foot out “the shower” door!).
Continue reading…