The South African Rand managed a faint rally after President Zuma’s to decision to reappoint a former Finance Minister after one of the replacements was sacked last week. The USDZAR currency pair declined substantially on Monday, after the President picked new Finance Minister for the third time within a time period of 5 days, a relief for markets concerned about the outlook. The President abruptly terminated his Finance Minister last week who had held the post for about 18 months and appointed a new “unknown”. Following the market turbulence that plunged the South African Rand, President Zuma then reappointed a new minister, a veteran, who in the past helped to steer the nation’s economy through its first recession. However, despite the gains in the Rand, recent indecision by President Zuma has raised questions within the African National Congress about his tenure.
Euro Strengthens Further
Daily Analysis - 15/12/2015