Hieronder volgt een kort commentaar in het Engels van Bart Hordijk, valuta-analist bij Monex Europe op de koersbewegingen van de Zuid-Afrikaanse rand.
Last weeks the South African rand (ZAR) strengthened on the back of hopes that the incumbent President Zuma would be ousted. Given he has the starring role in many corruption scandals, ranging from buying cars for one of his current four wives, to his involvement with the notoriously malfeasance Gupta family, the Zexit should signal an increase in the political stability in South Africa.
Unfortunately for ZAR bulls his ANC party has just said Zuma will indeed step down, but no timeframe is given and this can take up to six months. This is longer than markets may have like to hear. They rather see him gone sooner than later.
Zuma is expected to respond tomorrow. More volatility may follow when he sheds more clarity on how the timeline of his exit looks, though “smokescreen Zuma” has managed to stretch his exit before.