With the elections out of the way, currency traders will be watching events offshore for signs of whether Cyril Ramaphosa’s inspired strength that pushed the rand to an almost three-week high will persist. Markets will focus on the US-China trade spat, whose escalation helped push local stocks lower last week, in line with losses in Asia, the US and Europe. The JSE all share index slipped 4.31% last week, its biggest weekly drop since February 2018. The US decision to impose tariffs of up to 25% on some Chinese goods spooked investors, hurting emerging markets on speculation that a drop in world trade will effect their economies the most. The rand largely ignored that and gained 1.3% last week as election results confirmed that the ANC was heading for a victory in line with what markets had been hoping for. While the ANC’s victory, with 57.5% of the vote, was lower than in 2014, it was seen as substantial enough to strengthen Ramaphosa’s hand as he seeks to root out corruption in th...

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