South African Rand Weakened Amid Cabinet Announcement

The South African rand weakened as President Cyril Ramaphosa prepared to announce his new cabinet following the African National Congress's loss of parliamentary majority for the first time in 30 years. The formation of a Government of National Unity with nine parties, including the Democratic Alliance, has raised expectations and concerns among investors. Ramaphosa emphasized economic growth as a priority in his weekly newsletter, aiming to create jobs amidst market uncertainties. The anticipation of cabinet appointments has influenced currency markets and bond yields, reflecting investor worries about political stability and economic policies. The outcome of Ramaphosa's cabinet choices will likely impact South Africa's economic trajectory and relations with global markets, potentially shaping future investments and stability.