ZAR Gut Feel Commentary:
· EM (Emerging Markets) exit pushes on, hurting the Rand; Risky to bet against current trend
· The exit from emerging market currencies is accelerating and hardly any currencies have been spared from the dollar strength. The prospect of higher interest rates is pushing the withdrawal of capital from riskier EM markets and this is putting pressure on the EM currencies.
· The rand weakened 2.2% yesterday.
· SA’s monetary and fiscal policy trajectory continues to inspire little faith from foreign investors in a correction of the medium to longer term rand depreciative trend.
· USD-ZAR at the time of this report: 12.3450
· Range for the day: 12.3000/5000
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