Rand rallies following reports

Rand rallies following reports that ANC bigwigs oppose Zuma’s rumoured Gordhan axing

All sorts of madness.

Rand rallies following reports

Guys, shit is getting all sorts of real. It’s been one heck of a mad week and it’s ONLY Wednesday. We still have two full days and a bit of Wednesday to go. By the end of this week who knows where we’ll be at.

Between all the crazy shit going on, the rand has been doing somersaults all of this week and it did another one following the news that three ANC heavies oppose the rumoured decision by President Jacob Zuma to fire Pravin Gordhan and his deputy Mcebisi Jonas.

Rumours have been rife that a cabinet reshuffle is coming since Gordhan and his team were “told to return home” from their international roadshow meant to woo investors.

Some reports suggested that Gordhan would be fired on Wednesday.

But news emerged that Deputy President Cyril Ramaphosa, Secretary-General Gwede Mantashe and Treasurer-General Zweli Mkhize are all taking a defiant stance and are against JZ’s rumoured decision.

The rand firmed immediately to R12.93, 0.44% stronger than its previous overnight close of R12.99 and its session low of R13.16 to the greenback.

All of this after Kgalema Motlanthe took a defiant stance at Ahmed Kathrada’s funeral, reiterating Uncle Kathy’s letter to Zuma asking him to step down.

The Daily Maverick has also penned a pretty stern editorial asking, the President one simple question: How does it feel?

Currency markets are notoriously volatile, but it also reacts strongly to JZ’s going on. And, it almost always reacts positively when there is news that the party is taking a stand against him.

You’d think that by new the president might have gotten the message…