Weaker Rand in light of South Africa’s presidential elections being nigh.

General elections will be held in South Africa on 8 May 2019 to elect a new National Assembly and provincial legislatures in each province and essentially determine who will become the next President of South Africa. An all-out victory is largely expected for President Cyril Ramaphosa’s ruling African National Congress, the margin of the victory remains uncertain as the country tries to emerge from of a decade-long growth slump.

Following a mid-week holiday on Wednesday, May 1, closed Asian markets and national elections coming up South Africa’s national currency, rand was slightly changed early on Friday 3rd May as limited liquidity kept investors on the sidelines. – JOHANNESBURG (Reuters)

In the early hours of Friday morning, the rand was weaker by 0.09 percent, it had an overnight dip to 14.5525 per dollar from its to 14.5675, as the market focused on U.S. job numbers that were due at a later time. Also weaker, was the SA market’s Bonds, with the yield on the benchmark 10-year debt adding 2.5 basis points to 8.635 percent.

The dollar strengthened as against the country’s rand and traders reportedly speculated that job data would come in stronger than anticipated. This put emerging-market currencies under more pressure.

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Credits- Mfuneko Toyana

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