Thanks to Katie Martin for pointing this out… South Africa’s currency is getting clobbered again.
Here’s a chart of the dollar vs. the rand (USDZAR) which shows it shooting up since this weekend, easily surpassing the highest levels of late last week (levels that themselves were seen as alarming).
This follows a big selloff in emerging market bonds yesterday, and a much bigger theme for the year, which is the weakness across various emerging markets, and emerging market asset classes.
The culprits for the weakness: Weakening commodity prices, slowing demand from China, and a rising rates in the US, which is reversing flows that had come from the US in search of higher yields.
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