The rand was slightly softer against major global currencies shortly before midday on Tuesday, tracking the weaker euro. A deal within the US Senate that ended a three-day government shutdown lifted the greenback, while the rand pulled back slightly after flirting with R12/$ on Monday. On Monday, the ANC officially denied that its national executive committee had taken a decision to recall President Jacob Zuma. However, reports quote multiple sources within the party saying the ANC’s top-six have been tasked with what is essentially a managed exit for the controversial president. Investec economist Annabel Bishop said on Monday that Zuma’s exit could push the rand to strengthen to R11.70/$‚ a move that would help lower fuel prices and inflation. Markets had cheered the election of Cyril Ramaphosa as ANC president in December, subsequently becoming more confident that a promised crackdown on corruption, as well as economic policy reforms, would be effected. Since the beginning of Dec...
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