Bitcoin Price Drops as US Dollar Hits 18-Month High 
Philippines Current Account Deficit Seen at $19.1 Billion in 2026 
RBI Uses $10 Billion Currency Swaps to Drain Excess Rupee Liquidity 
Morgan Stanley Predicts $10 Trillion RWA Market by 2030 
XRP Price Holds $1.35 Support as Bears Target $1.25 
NEAR Price Surges 11% as Trading Volume Doubles 
Bank of America Predicts Yen Rebound as USD/JPY Faces Risks 
Dogecoin Price Rises as Bitwise Plans DOGE ETF Closure 
Ripple-Backed Evernorth Set for Nasdaq Debut With 473 Million XRP 
Yen in Focus as BOJ, Fed Rate Hikes Reshape Currency Markets 
Hong Kong’s Second Solana ETF Launches With Lower Fees 
RBA Says ASX Still Falls Short on Governance and Risk Controls 
Hyperliquid (HYPE) Price Analysis: Can Bulls Push Above $88? 
Gold's Tug-of-War: Geopolitical De-escalation Fights Falling Yields as Markets Eye US CPI 
Add as a preferred source on Google
The Rand is the easily the worst performing major currency in the month-to-date and week-to-date periods with the latest bout of weakness coming on increased political interference in the country’s central bank.
USDZAR is currently trading around 13.3786 levels. It made intraday high at 13.5356 and low at 13.3575 levels.
Worries around interference on institutions, announcements of populist measures may cause sporadic spells of weakness. However, the benign external environment will remain supportive.
Parameters: Long SAGB 2048 (FX unhedged) with a target at 8.99% and a stop at 10.39%.
Buying SAGB 8.75% 28-February-2048 bonds is recommended, which is currently trading at a yield of 9.99%. The position is FX-unhedged, with USDZAR at 13.89. We place a stop loss at a 10.39% yield level and a target of 8.99%. The trade generates carry of +22bp per month, inclusive of funding costs. Our trade horizon is 6-9 months.
Thesis: Fundamentals continue to remain supportive with lower inflation, shrinking current account deficit and retail sales. Slow policy normalization in DMs and improved EM fundamentals might continue to support high yielding EM assets.
Key levels & strategy: We recommend maintaining modest exposure at these levels as the newsflow around SARB independence clouds the sentiment. If the political situation improves, we can see yields falling further.
What to watch for: CPI (19 Jul), retail sales (19 Jul), SARB (20 Jul).
