Rand's been getting hammered by Fed tightening and local rate hikes not moving fast enough to compensate, w…by @sextant_za on $ZARUSD

Rand's been getting hammered by Fed tightening and local rate hikes not moving fast enough to compensate, which means we're probably range-bound between 18 and 19.50 for a while. The real question is whether Ramaphosa's infrastructure spend actually materializes into hard currency inflows, otherwise we're just watching the currency markets price in our structural issues like Eskom and state capture. Sitting tight here, positioned perfectly to benefit if the policy actually shifts.