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 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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Top 10 Rates for Apr 06, 2017 as at 11:07 UTC South African Rand 1.00 ZAR inv. 1.00 ZAR US Dollar 0.072702 13.754693 Euro 0.068158 14.671764 British Pound 0.058356 17.136303 Indian Rupee 4.697814 0.212865 Australian Dollar 0.096166 10.398729 Canadian Dollar 0.097615 10.244324 Singapore Dollar 0.101864 9.816993 Swiss Franc 0.072943 13.709416 Malaysian Ringgit 0.322544 3.100348 Japanese..
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USD Despite President Trump’s speech last night, we have seen the USD marginally stronger this morning, as US bonds somewhat weakened. Fed officials reiterated their hawkish stance last night, and there is now an 80% probability of a rate hike in March. In terms of economic data, Tuesday revealed mixed results. US Q4 GDP was..
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The euro lost ground against the dollar yesterday after polls suggested that the ‘right’ and ‘left’ camps will fight it out for the French Presidency in April. The weaker euro, coupled with concerns surrounding former Eskom CEO Brian Molefe’s move to Parliament (next stop Treasury?), helped keep the local unit on the back foot. The..
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