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today — twice as much as analysts at TD Securities and the consensus had forecast. USD/ZAR is sitting at 17.383.

Key quotes

“The SARB has today cut the repo rate by 100bps to 5.25%, twice as much as expected by us and the consensus. The measure was announced at a regular MPC meeting and the vote was unanimous.” 

“The Bank is now anticipating a 0.2% contraction in growth in 2020 (1.4ppt lower than the prior forecast), and lower CPI that previously anticipated.”

“ZAR will remain exposed to global headwinds, but will not be subject to negative pressure due to idiosyncratic factors. At least not for the short term.”