Rand Goes From Best to Worst Carry-Trade Among Major Currencies
- Currency’s year-to-date carry turned negative this week
- South Africa’s rand retreats to weakest level since Sept. 2016
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The fortunes of the South African rand have swung so much that it’s gone from being the best carry-trade to the worst this year.
Barring a few days in early January, the rand’s year-to-date carry return against the dollar turned negative for the first time on Nov. 13. It is the only currency among 16 major peers to have handed carry traders a loss in 2017.