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”.
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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.
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The rand weakened overnight as a result of better than expect US Jobs numbers and wage growth released Friday, sparking fears of higher than expected US interest rate increases during 2018.
The US stock market lost 2.5% as investors cashed out to hold USD in anticipation of a Fed hike in March. The GBP/ZAR continues to flirt with the 17/£ level as a false break to 17.10/£ on Friday was given back on speculation over Zuma’s demise.
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