11:12 AM · 19 September 2018

TRY, ZAR gain despite a surge in the US yields

Emerging currencies are on the rise on Wednesday defying a rise in the US bond yields that could in theory spark a capital outflow from more risky markets. The 10-year US bond is now yielding 3.06%, close to the highest level this year as traders look for possibly 2 more interest rate hikes in 2018. Despite this USDZAR is down 1.6% and USDTRY drops by 1.3% as these emerging markets recoup some of the heavy losses. Traders will scrutinize the interest rate decision in South Africa on Thursday.

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