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South African Rand at Two-Year Highs as End of Zuma Era Nears

South African Rand at Two-Year Highs as End of Zuma Era Nears

Martin Essex, MSTA, Analyst

USDZAR talking points:

- The South African Rand reached its strongest level against the US Dollar since May 2015 Wednesday before easing back as the Dollar jumped on strong US inflation data.

- Its advance reflected news that Jacob Zuma will face a vote of no confidence in Parliament Thursday that will likely end his Presidency.

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Rand strong as Jacob Zuma faces the sack

USDZAR fell to its weakest level since May 2015 Wednesday as the South African Rand strengthened ahead of a Parliamentary vote Thursday that will likely end the scandal-hit Presidency of Jacob Zuma. The Rand has advanced whenever Zuma has seemed likely to fall and it now seems likely that he will be replaced as President as early as Friday by Cyril Ramaphosa, who leads the country’s ruling African National Congress.

While USDZAR did recover from its 11.79 low after higher-than-expected US inflation data, it remains in a strong downward trend.

USDZAR Price Chart, Daily Timeframe (January 1, 2016 to February 14, 2018)

USDZAR Price Chart

Chart by IG

Further losses now seem likely for the pair unless, against expectations, Zuma survives the no-confidence vote, which will be backed by the ANC – the party that has ruled post-apartheid South Africa nationally since the election of Nelson Mandela in 1994.

--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below, via email at martin.essex@ig.com or on Twitter @MartinSEssex

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

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