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South African rand falling fast

By Emerging Money,  January 28, 2013, 10:30:03 AM EDT

The South African rand is now at 45-month lows with a hard sharp move in ZAR in the last hour, which is now -1.25%. Local bonds are being sold off hard.

Image courtesy Warren Rohner: http://www.flickr.com/photos/warrenski/ The South African ETF, iShares MSCI South Africa ( EZA , quote ), was a darling in emerging markets and the currency weakness will have bleed-through effects for retailers.

Miners however, should like this situation. Labor unrest and mining cuts are putting tons of pressure on the current account deficit, which now stands at 6.4% according to Bloomberg.

Turkey ( TUR , quote ), the other darling market in emerging markets for the last nine months, is seeing major profit taking as well.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, International, Stocks

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