Cape Town – The market is devotedly watching the ANC elective conference, placing a win on Cyril Ramaphosa as the next ANC leader, with the “rand already testing levels under R12.90 against the US dollar.”
Wichard Cilliers a currency dealer at TreasuryOne told Fin24 on Sunday night that, “the liquidity is still very thin and the pricing is wide, but it could be an interesting day tomorrow.”
On Sunday by 22:24 the rand was trading against greenbag at R12.90 when Australia and New Zealand came online. The rand later slipped back to R12.93/$.
“The market is pricing in a Cyril win currently, with USDZAR already testing levels of R12.75, EURZAR at R15.00 and GBPZAR at R17.00.”
“The risk is if Nkosazana Dlamini-Zuma wins, we can easily see the ZAR test back above R14.00. For now we will need to watch for the result tomorrow morning,”
Cilliers also confirmed on the news that both the Deputy President Cyril Ramaphosa and former African Union Chair and the party’s MP Nkosazana Dlamini-Zuma are the last contestants still standing for the presidential race.
It is also said that if a person bets R100 on Cyril Ramaphosa they will get back R175 from the bookies if Ramaphosa wins the election of the ANC’s 54th national conference.