Price action this week shows all of the good news is already baked into the Rand, suggesting President Ramaphosa will need to deliver concrete policy changes before the currency can rise further.
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GBP/ZAR declines as the Rand strengthens - next target 15.5300.
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Assuming South Africa avoids a downgrade from Moody’s, the Rand will be driven increasingly by expectations for South African monetary policy and offshore factors during the months ahead.
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Treasury has been under pressure to set out concrete revenue raising measures in order to preserve its investment grade local currency credit rating and, on Wednesday, it appeared to have delivered…
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The South African Rand has strengthened due to an improving political outlook - we think there is a good chance it will continue.
Read more … →S&P Global Ratings says recent events do not warrant a review of its already-downgraded score for South Africa's debt while Moody's, yet to announce its latest rating decision, is staying mum.
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Jacob Zuma's resignation is significant but much still rests on whether the Treasury can use next Wednesday’s budget statement to set out a credible plan for bringing down South Africa’s budget def…
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As the ANC moves for a no confidence vote in parliament, President Jacob Zuma is playing for a July departure. That may be too long for markets, and ratings agencies, to wait. Further updates to co…
Read more … →A changeover at the top of is the minimum international markets have come to expect if South Africa’s finances and politics are to be reformed in a way that is conducive to a recovery from yea…
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