29/05/2026
The SARB delivered a 25 basis point hike to 7% on Thursday, the first since 2023, in a week when the same oil shock driving that decision appeared to be approaching resolution. The Hormuz ceasefire framework is close enough that Trump described it as largely negotiated, but Iranian officials disputed the uranium stockpile terms, and the distance between a signalled deal and a signed one remains the most material open question in global markets today.
Against this backdrop, sterling absorbed the week's soft UK data without breaking its range, the dollar is easing despite rising December hike probability, and the rand is at a month-high with a reinforced carry premium. For clients managing exposure across any of these three currencies, the weekend close today carries more directional weight than the morning price changes suggest.
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