CD South Africa: Rand breaking (all the wrong) records!

Another double whammy has seen the rand breaking all the wrong records. The local unit hit its weakest level ever against the US dollar (14.1560/$) and euro (15.9670/€).

The catalyst: fears over Chinese growth and commodity prices taking a beating. The rand didn't fare quite as badly as Glencore shares, which fell more than 25% yesterday (let's hope Investec doesn't write a report on the rand as well!). Pressure on the rand has eased this morning, but don't relax because tomorrow is when the real action takes place. With sentiment driving markets, it is anyone's guess where the rand may go next…

Commentary by Gareth Frye