Traders Change Course on South African Rate Increase: Chart

South African Markets Reeling From Gordhan Probe

A South African rate increase is back on the table. After virtually pricing out a hike in the next year, traders are now betting the South African Reserve Bank will have to tighten policy as the rand plunges. The currency slumped after reports that Finance Minister Pravin Gordhan had been ordered to report to police, raising concern the National Treasury chief may be replaced as a political rift with President Jacob Zuma widens.

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