A different kind a of Ramaphoria
The Phala Phala headlines and rumors surrounding the possible resignation of President Ramaphosa are still keeping the rand under pressure. The rand posted another wide trading session of R17.26 - R17.60, closing the week slightly below the R17.50 handle. Looking at where the dollar is trading against other currencies, one could easily argue a case of levels closer to R16.70 if we erase the whole matter. For now, any developments surrounding the saga would create volatility for the rand and could remain the key driver for the local currency in the week to come.
Payroll data provides breathing room for the dollar
The strong payroll print for November has brought some reprieve for the dollar this afternoon, with the greenback falling under pressure during the later part of the week. Looking at the dollar index, the greenback fell to its weakest level since late July. With the euro trading firmly back above the 1.05 mark and the pound in reaching distance of 1.23, the NFP numbers saw the dollar grind back some losses and closing stronger on the day against its peers.
#PhalaPhala #PresidentRamaphosa #FinancialMarkets
