The South African Rand is spiking to 2-month highs in early AsiaPac trading after President Jacob Zuma reportedly survives a bid by members of ruling African Nation Congress’s national executive committee to oust him, according to two members of panel who declined to be named because they aren’t authorized to speak on the matter. Bloomberg reports that the Zuma ouster wasn’t put to vote and the ANC isto hold press conference on Monday.
The Rand spiked to its strongest in two months on the news…
Which is odd because the Rand also spiked last week on news of the plans for Zuma’s ouster… It appears ZAR is now like the US equity market – bad news is good news, and good news is great news.
This post was published at Zero Hedge on May 28, 2017.
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