S&P 500 — US Large Cap Index
FTSE 100 — UK Blue Chips
Euro Stoxx 50 — Eurozone Leaders
DAX 40 — German Equities
CAC 40 — French Market Index
Nikkei 225 — Japan Benchmark
Hang Seng — Hong Kong Index
Shanghai Composite — China Mainland
ASX 200 — Australian Market
TSX Composite — Canada Index
Nifty 50 — India Large Cap
STI Index — Singapore Market
KOSPI — South Korea Index
Bovespa — Brazil Equities
JSE Top 40 — South Africa Index
IPC Index — Mexico MarketING’s Chris Turner explains that previously popular long South African Rand positions are being unwound as low inflation comes under pressure, volatility rises and precious metals lose momentum. He flags 17.00/17.25 as near-term risk for USD/ZAR, with a possible extension to 17.75 next week if energy prices and global equity stress intensify further.
Rand pressured as carry trades unwind
“Late last year and into early 2026, long South African rand positions had been some of the most popular. Low inflation and a central bank switching to a new, lower inflation target had encouraged inflows into its local currency bond market. And the rand’s exposure to the precious metals story was a major positive as gold and platinum surged.”
“Fast-forward to March, and the low inflation environment is under pressure, higher volatility is forcing de-leveraging of carry trade positions and precious metals are not deriving any further benefit from the inflation shock.”
“17.00/17.25 is the near-term risk for USD/ZAR, with an outside risk of 17.75 next week if energy prices go another leg higher and global equity markets take another major leg lower.”
