The talk of the financial world right now is the big decline in emerging market currencies (which we wrote about this morning) and the collapse of the South African Rand (which Matthew Boesler wrote about yesterday).
The Rand has been getting whooped by a perfect storm.
There’s the dollar strength, the commodity weakness, the bad internal South African economy, and a big miners strike that’s ongoing. Everything that could go wrong is.
Via XE.com, here’s a one-month chart, showing how the dollar has soared against the Rand.
And here’s the intraday chart, showing the big surge in the dollar against the rand just today.
As you can see it was a bit worse earlier in the day.