What Impact Will Today’s Vote Have on ZAR

August 8, 2017 Share Print 0

The South African rand could surge if President Jacob Zuma is ousted by a motion of no confidence in the nation’s parliament, though gains would reverse if Zuma survives the vote, analysts say.

The currency rose for a second day on Tuesday after being the best performer among 31 major peers Monday as National Assembly Speaker Baleka Mbete said parliament would vote by secret ballot Tuesday.

Parliament sits at 2 p.m. local time to consider the motion, and the results are expected to be tallied later in the afternoon.

Bloomberg

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Craig Erlam

Senior Market Analyst - UK & EMEA at OANDA

Based in London, Craig Erlam joined OANDA in 2015 as a Market Analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.