The rand reached a new high for the year as markets continue to trade risk-off and flood towards the dollar. After reaching a high of R17.57, we have since stabilized back to levels close to this morning’s open and look to close below the R17.50 handle. The euro and pound have not traded too much on the back foot today, as it has been EM’s that were under pressure the most. The Chinese Yuan flirted with the 7.00 mark against the dollar for the first time since Covid, while the Brazilian Real and Mexican Peso are all weaker since the market opened in the far west.
