News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Breaking news

UK Prime Minister Boris Johnson Resigns

Biggest 2-Day Move in Years for ZAR as Ramaphosa Deemed Leader of ANC

Biggest 2-Day Move in Years for ZAR as Ramaphosa Deemed Leader of ANC

Dylan Jusino,

Sign up for our free trading guides available for beginners and advanced forex traders.

Current Deputy President of South Africa Cyril Ramaphosa is now the party leader of the African National Committee after a tight race was settled earlier this morning. The vote was largely welcomed by traders as it is seen as a turning point for the ruling party which has lost popularity among South Africans. Mr. Ramaphosa received 2440 votes, slightly edging above his opponent, Nkosazan Slamnin-Zuma by just 179 votes. Mr. Ramaphosa’s victory is a major upset for the current president, Jacob Zuma, who has been embattled by alleged fraud, corruption, and money laundering charges.

As mentioned previously, Mr. Ramaphosa’s victory is seen as a positive sign as he promises to end the corruption which will hopefully lead to restored business confidence in the nation.

Chart 1: USD/ZAR Daily Timeframe (April to December 2017)

Biggest 2-Day Move in Years for ZAR as Ramaphosa Deemed Leader of ANC

Following of the news Mr. Ramaphosa’s victory the South African Rand continued to build up it's two-day rally, the sharpest two-day move since 2015 as USD/ZAR plummeted to a nine-month low. It is clear that traders have a favorable view Ramaphosa’s potential to restore business confidence in South Africa. At the time that this was written USDZAR traded at 12.7016.

Read more: Understanding the ANC Election Impact And Why ZAR Traders Care

--- Written by Dylan Jusino, DailyFX Research

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES