EFTA Document EFTA01459600

12 January 2016 FX Blueprint: Forever Young Theme #5: Zar Wars: the return of Yuan solo - buy USD/ZAR The rand was one of the worst performing currencies in 2015. We remain pessimistic for 2016, as ZAR continues to face major headwinds from external factors (Fed, commodities, China) and domestic risks (lack of growth, structural problems, political uncertainty, current account deficit). Stay long USD/ZAR. r,ie'...s We expect the broad dollar uptrend to remain intact this year as the f