The South African rand marginally weakened as anticipation builds for President Cyril Ramaphosa’s new cabinet announcement. The delay is due to ongoing negotiations. Andre Cilliers from TreasuryOne states that the firmer dollar and absence of news impact the rand. The focus is on global inflation data and US Federal Reserve rates. Various market indices show mixed performances.
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Cyril Ramaphosa has embarked on his second term as South Africa's president under unprecedented political conditions. For the first time in thirty years, the African National Congress (ANC) lost its majority, prompting the formation of a coalition government. This shift in power is seen as a new era for the country, with markets reacting positively and anticipation building about addressing past inequalities and fostering a stable political environment.
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ANC President Cyril Ramaphosa expressed confidence in his party's chances of success in the upcoming South African elections. Speaking after leading the ANC Democracy Big Walk in Soweto, Ramaphosa declared he could 'smell the sweet smell of victory.' The party's final campaign rally, the Siyanqoba Rally, is set for FNB Stadium in Johannesburg.
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