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Robust rand brushes off Zuma's SONA

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Cape Town – The rand was on firmer footing on Friday morning, trading at R13.32/$ at around 11:00 after showing some jitters earlier on Thursday as violence marred President Jacob Zuma’s 2017 State of the Nation Address. 

John Cairns, currency strategist at RMB, said in a company note on Friday that there was “little for the market in the SONA”. 

“The reality is that there is nothing new in this talk or the promised actions. If there is reason for concern, it was the overall tone of interventionism and increased regulation, but this is probably too subtle to worry the market, given we are in a country where we worry about the firing of the Finance Minister (Pravin Gordhan),” Cairns said. 

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