Abstract：If you trade the South African Rand then surely you are aware of the current political atmosphere that has troubled the current sitting South African President Cyril Ramaphosa.
If you trade the South African Rand then surely you are aware of the current political atmosphere that has troubled the current sitting South African President Cyril Ramaphosa. In 2020 the president's house was subject to a burglary of which 4 million dollars was stolen. The issue with the case is that this foreign currency is illegally stashed in his farm estate. Now that the investigation report has now been released by the.Will he resign or continue as president and what do either of these options mean for the rand.
I am sure you are familiar with the idea that political events have a bearing on the market. We were comfortably trading below the 17 rand level as the dollar grew weak.however since the announcement of the report of the investigation we saw a resurgence to that past 17 level, signalling that the outcome of this investigation has consequences in terms of the future leadership of the country. It is not yet completely certain what the president's decision will be however there are two possibilities.
If Cyril Ramaphosa remains president then he is to face heavy opposition within parliament. He will also face a lot of public rejection which may come between the president and his intended political aspiration. That will turn out negative for the South African Rand and we should start seeing a continuation of this weakening. If he does decide to resign then there is the issue of finding new leadership which will also surely reflect somehow in the market. We need to be careful at the moment, keep an eye out for market volatility
If you are in South Africa and you want to trade in rand's I recommend you find a broker that offers a Zar account. As currency values differ at times trading with a foreign currency may be subject to conversation fees so it is best to trade with the currency you deposit with. Regulated South African brokers are hard to find and so I recommend you use WikiFx to find such a broker. These guys are connected to every broker regulatory board globally so they can help you find the best rated brokers globally.
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