The rand broke below 12/$ overnight as US stocks clawed back more than half their losses seen Monday.
The Zuma saga continues as today’s ANC NEC meeting along with the State of the Nation Address was postponed in order to give more time for talks between Zuma and Ramaphosa (Indicating Zuma may have one foot out “the shower” door!).
These factors along with a drop in probability of a March US Fed interest rate hike (now at 66%) due to nervy US markets boosted the local unit. It’s a quiet day on the data calendar but keep an eye out on US stocks to see if the “Crash” is indeed over.
All rates quoted are the interbank rates at time of publishing and shown for indicative purposes only. It is important to note that foreign exchange rates fluctuate and that the rates will vary depending on the amount and product purchased and sold.