While certain investors are choosing to avoid riskier assets due to the Russia-Ukraine situation, currency speculators are still placing their bets on the South African rand at an unprecedented rate, according to a report by Bloomberg.
While certain investors are choosing to avoid riskier assets due to the Russia-Ukraine situation, currency speculators are still placing their bets on the South African rand at an unprecedented rate, according to a report by Bloomberg.
Hedge funds made the biggest change since the Commodity Futures Trading Commission began collecting data in 2015, switching from a net short position of 239 contracts to net long of 13,402 contracts on 15 March.
Net positions are now at their highest since 2017.
Since the beginning of this year, the rand has advanced 7.7 per cent, one of only six currencies to have strengthened against the dollar, the report says.
