Can he tackle Eskom? Rand looks to Ramaphosa's SONA | Fin24
 
  • Load Shedding

    Find the latest load shedding schedules for Joburg, Durban, Cape Town, and other cities.

  • Ferial Haffajee

    South Africans are a cynical lot. Are we are missing that the business investment strike is over?

  • 'Devastated'

    Western Cape govt bemoans Arcelor Mittal SA's decision to shut its steel works plant in Saldanha.

Loading...

Can he tackle Eskom? Rand looks to Ramaphosa's SONA

Jun 20 2019 07:26
Fin24

All eyes will be on President Cyril Ramaphosa tonight as he outlines his State of the Nation Address (SONA) and his efforts to tackle Eskom, unemployment, growth and land reform.

"We expect ongoing volatility today, especially during SONA tonight," said Peregrine Treasury Solutions's Bianca Botes, adding that the rand had firmed in overnight trade.

"Technical levels don't mean much in this fundamental-driven environment, however analysts are quite skeptical regarding the current strength’s sustainability."

The rand strengthened by more than 1% leading up to the Federal Reserve's announcement that it would keep interest rates on hold at 2.5% last night.

"[This] was in line with expectations, but the Fed noted that a rate cut as steep as 0.5% could be on the cards towards the end of the year, its most dovish stance in over a decade," she said.

The rand continued its rally in the overnight session, starting today at R14.32/$, R16.12/€ and R18.16/£.


rand  |  markets  |  currencies
NEXT ON FIN24X

 
 
 
 

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

What do you think about private healthcare in SA?

Previous results · Suggest a vote

Loading...