30 March 2017
Commentary by Gareth Frye
We’re in ‘wait and see’ mode, with the USD/ZAR range narrowing around 13/$. Time is the rand’s friend, with strength likely as time passes (albeit slowly). President Zuma clearly wants Gordhan gone, but resistance to the move appears strong. Expect knee-jerk reactions to any negative news surrounding Minister Gordhan. The UK served the official divorce papers to the European Union yesterday, kicking off two years of intense negotiations. As expected, there was no real market reaction, with markets keenly anticipating the finer details. Back home, the SARB (South African Reserve Bank) will announce rates at 15:00 today, with no change & calm heads expected.