The South African rand slipped by almost 3% last week, its worst five-day showing since August. The backdrop for emerging-market assets has been benign in the past year, but the rand has suffered sharp setbacks whenever recurrent worries over corruption and mismanagement have flared up, notably last month and in late March, when President Jacob Zuma fired his widely respected finance minister.
The latest worry is that Zuma may be set to sack his competent and economically literate deputy Cyril Ramaphosa; investors have been hoping he will take over the presidency.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
-
Coventry Building Society bids £780m for Co-operative Bank - what could it mean for customers?Coventry Building Society has put in an offer of £780 million to buy Co-operative Bank. When will the potential deal happen and what could it mean for customers?
-
Review: Three magnificent Beachcomber resorts in MauritiusMoneyWeek Travel Ruth Emery explores the Indian Ocean island from Beachcomber resorts Shandrani, Trou aux Biches and Paradis
-
Chart of the week: Norway’s crown has slippedCharts The Norwegian krone has slipped to a record low of more than ten to the euro.
-
Chart of the week: sterling’s sea of troublesCharts Sterling slipped to a two-year low against the greenback this week, and remains around 12% below its pre-referendum level.
-
Chart of the week: the pound’s post-war swan diveCharts The pound hit a new 20-month low against the dollar this week as Prime Minister Theresa May postponed the Brexit vote.
-
Chart of the week: The Mexican peso has peakedCharts The Mexican peso has gained 8% against the dollar this year. But that's as far as it is likely to go.
-
Chart of the week: Thai baht defies gravityCharts Tourism is booming, the current account is in surplus, and the yield on local assets is enticing. No wonder the Thai baht has risen by 8% against the US dollar this year.
-
Chart of the week: the loonie takes offCharts The Canadian dollar, nicknamed the loonie, has leapt to a two-year high around $1.21 against its US counterpart as a result of Canada's robust eocnomy and higher interest rates.
-
Chart of the week: vote for authoritarianism will crush the Turkish liraCharts The Turkish lira has fallen as Erdogan’s authoritarian tendencies have unsettled foreign investors. It is at near record lows against the US dollar, and is unlikely to rebound any time soon.
-
Chart of the week: a pause in the peso’s declineCharts The Mexican peso has bounced by around 5% from record lows against the US dollar in the past few days. But it has still lost 12% in a year.
