Never miss a story from Martin Essex

Subscribe to receive daily updates on publications
Please enter valid First Name
Please fill out this field.
Please enter valid Last Name
Please fill out this field.
Please enter valid email
Please fill out this field.
Please select a country

I’d like to receive information from DailyFX and IG about trading opportunities and their products and services via email.

Please fill out this field.

Your Forecast Is Headed to Your Inbox

But don't just read our analysis - put it to the rest. Your forecast comes with a free demo account from our provider, IG, so you can try out trading with zero risk.

Your demo is preloaded with £10,000 virtual funds, which you can use to trade over 10,000 live global markets.

We'll email you login details shortly.

Learn More about Your Demo

You are subscribed to Martin Essex

You can manage your subscriptions by following the link in the footer of each email you will receive

An error occurred submitting your form.
Please try again later.

ZAR talking points:

- The South African Rand reached its highest level against the US Dollar for nearly three years Thursday.

- That follows a surprise decision by President Jacob Zuma to resign ahead of a planned Parliamentary vote of no confidence in him.

Learn how to trade like an expert by reading our guide to the Traits of Successful Traders

New to forex and want to find out more about trading? Take a look at our Forex Trading Guides

Rand strengthens

The South African Rand extended its gains Thursday after a decision by Jacob Zuma to resign as the country’s President. In a Parliamentary vote due today, his deputy, Cyril Ramaphosa, will likely be confirmed as his successor.

The Rand has tended to strength whenever Zuma, who has been accused of corruption but consistently denied the allegations, has suffered a setback. His resignation has paved the way for a further advance in the currency, sending USDZAR to its lowest point since March 2015.

USDZAR Price Chart, Five-Minute Timeframe (February 14/15, 2018)

USDZAR price chart

Chart by IG

South African bonds and stocks also benefited from Zuma’s decision to resign ahead of a planned Parliamentary vote of no confidence in him that he would almost certainly have lost. The yield on the South African 10-year government bond fell by11 basis points to 8.285% as demand rose for the bonds.

In the Johannesburg stock market, the FTSE/JSE top 40 index was up by more than 4% to 52,550.

FTSE/JSE Top 40 Price Chart, Five-Minute Timeframe (February 14/15, 2018)

South African stock market index price chart

--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below, via email at or on Twitter @MartinSEssex

For help to trade profitably, check out the IG Client Sentiment data

And you can learn more by listening to our regular Trading Webinars