“The South African rand (ZAR) is getting absolutely brutalized lately. The currency has fallen from levels around 9.00 against the U.S. dollar just three weeks ago to levels around 10.00 today. ‘The key negative risk from headlines out of the mining sector wage negotiations is playing out in a text book fashion – alongside plummeting gold prices and rising [U.S. Treasury] rates – creating a perfect storm for ZAR,’ write Bank of America Merrill Lynch currency strategists. The ongoing unrest in South Africa’s mining sector – which relies heavily on exports of gold and other metals – is dragging down the country’s economy.”

http://www.businessinsider.com/nasty-sell-off-in-south-african-rand-2013-5

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