CAPE TOWN- The Rand has traded stronger on Friday morning as reports circulate that the ANC top six has been summoned to attend a emergency meeting with President Jacob Zuma.
The Rand opened with R12.16 to the dollar and and has strengthens as much as R12.05 to the greenback. It is being reported by News24 that five of the top six have been have been told not to attend the Nelson Mandela centenary celebrations this weekend, to see to “urgent matters” in Gauteng.
The ANC in the Western Cape has said that the top six will however attend the festivities come Sunday, to take part in a rally for mobilization, in efforts to drum up support of ANC supporters in the Western Cape.
Financial experts do expect the market to react to local factors in relation to Zuma’s future but over the long term the main factors will be on the US equity markets and emerging markets currencies.
Treasury specialist Adam Philips from Umkhulu consulting foresee’s global events overshadowing Zuma exit, “However, any economic news will be nonchalantly looked at, as political news will undoubtedly be at the forefront this weekend,” said Phillips. “Opposition parties want action by Sunday, otherwise they are going ahead with another no confidence vote.”
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