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ZAR is the second worst performing EM today,...>

RAND
RAND: ZAR is the second worst performing EM today, but is starting to stabilise
in early Europe. Fear of contagion in EM space did see the Rand lose close to
10% against the USD, USDZAR spiked to multi-year highs of Zar15.5517, but has
since eased to the Zar14.4715 area. As expected EM FX has been hit hard across
the board as markets focus on Turkey for direction. 

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