The battle to remove Gordhan and ultimately President Cyril Ramaphosa from office is in full swing, writes Adriaan Basson.
Tstorms early. Morning clouds. Mild.
The rand is undervalued by 62% against the dollar, according to new numbers crunched by The Economist.
United States non-farm payrolls for the month of December came in lower than expected as the US economy added 145 000 jobs instead of the forecast 160 000 jobs.
The rand recovered from its earlier slump which saw it fall to a session low of R14.45/$. The local unit rallied to peak at a session high of R14.19/$ before it was recorded trading 0.44% firmer at R14.23 against the dollar.
The current strength of the rand appears to be "somewhat divorced" from actual sentiment around the SA economy, an emerging markets economist tells Fin24.
Rand volatility is at a five-year low. Don’t count on it staying that way.
The local bourse got off to a slow start as it retreated marginally in earlier trading before it found momentum towards the afternoon session.
The United States bill could potentially complicate the ongoing US-China trade talks which could result in a deal not being signed soon.
The local bourse took a leaf from the firmer closes in Asian markets where the Hang Seng and Shanghai Composite Index closed 1.35% and 0.8% higher respectively, while the Nikkei managed gains of 0.49%.
The JSE fell on Monday as it tracked other global markets lower which were dragged by increasing violence in Hong Kong, as well as US-China trade concerns.
The rand climbed and government bonds gained the most in 20 months after South Africa clung to its last investment-grade credit rating.
The rand has lost some steam since the beginning of the year. Nevertheless, the currency is holding up against the dollar, thanks to high domestic interest rates and accommodating international monetary policies.
Miners have surged over the past couple of sessions on the back of firmer metal commodity prices, which have risen on the back of the tensions between the USA and Iraq.
The rand weakened by as much as 2% on Friday morning in the wake of the assassination of Qasem Soleimani by the US military.
While the local unit usually strengthens over December, there are additional driving forces behind its recent rally, says an analyst.
The JSE traded mostly flat to firmer on Wednesday as it attempted to gain traction after consecutive sessions of losses.
Locally, the South African Reserve Bank decided to keep the repo rate unchanged at 6.50% as the bank reiterated that future policy decisions would continue to be data driven.
US indices recorded fresh all-time highs led by tech shares as the main equity bourses continued to show signs of resilience. The upward momentum started off in Asia as the Hang Seng and Shanghai Composite Index closed 1.55% and 1% higher respectively.
Most analysts may be predicting South Africa will lose its last investment-grade rating, but derivatives traders couldn't care less.
The JSE retreated on Thursday as it went against the tide in other major global indices.
The rand lost more than 2.5% against the US dollar after Finance Minister Tito Mboweni's mini budget speech on Wednesday afternoon.
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R 3 395 000
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