Back to reality for the rand

Yesterday completed two days of losses for the rand as it moved in-line with its emerging market peers. The local unit is now trading at more "normal" levels; however, the brewing troubles in Greece and Ukraine present a cause for concern. Greece's refusal to accept another aid program with strings attached and Germany's refusal to provide one without the string puts Greece on a path to bankruptcy and the long-awaited Grexit. South Afirca's unemployment rate is out at 11:30am today and should provide some insight into just how well (or rather not so well) the economy is performing.  

Commentary by Gareth Frye