The Rand is getting to an interesting point.
Tonight the ANC meet to try and get Zuma to resign from the government and hand over power to the newly elected leader of the ANC, Mr Cyril Ramaphosa.
Tonight could be explosive if Jacob Zuma refuses to go quietly.
The Rand has corrected aggressively from its lows of 17.30 (back in 2016 the event sparked by Zuma firing and reappointing the Minister of Finance).
Current positive sentiment could last a little longer
The current positive sentiment could last a little longer and see the Rand continue its current trend towards 11.0000. If tonight’s meeting sparks a period of confusion then I would expect the Rand to weaken towards the 13.2000 area.
Gary Hollands has outlined the issues in his analysis ‘Zuma desperate for a corruption charges deal‘.