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The Economist | The Fed and emerging markets: The end of the affair

The Economist

The Fed and emerging markets
The end of the affair
The prospect of less quantitative easing in America has rocked currency and bond markets in the emerging world

JOHANNESBURG

THERE are many reasons why a fund manager might want to sell the rand. South Africa’s economy is barely growing. Unemployment, at 25% of the workforce, is on a par with the grimmest parts of the euro zone. The mining industry is beset by labour unrest just as commodity prices are falling. The country’s large trade deficit is a sign that local producers are struggling in vain against foreign competition. The rand has fallen by 16% against the US dollar this year. Only the Syrian pound and Venezuelan bolívar have fared worse.

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