From March 20, 2026, to March 23, 2026, the price of 'No Change' dropped from 94.5c to 84c, while 'Decrease' rebounded from 4.6c to 11.05c. Reason: The market underwent a correction from 'overconfident hold' to 'risk reassessment.' As the meeting date approached, traders began hedging the tail risk that the low 3.0% inflation data might trigger a surprise cut, leading to profit-taking outflows from 'No Change.'
From March 19, 2026, to March 22, 2026, the 'Decrease' option price slid from 17.65c to a low of 3c (before a weak rebound to 7c), while 'No Change' oscillated at highs (85c-94c). Reason: As the meeting approached, market sentiment shifted from 'CPI euphoria' back to reality. Investors confirmed that the SARB could not cut rates amidst currency crisis risks, leading to a final capitulation of rate-cut bets based on low inflation data.
From March 17, 2026, to March 19, 2026, the 'Decrease' option spiked from 8.3c to 33.75c, then collapsed back to 12c. Reason: The March 18 CPI release falling to 3.0% triggered a knee-jerk reaction from algorithms and speculators, which was subsequently extinguished by analyst warnings regarding war risks.