Fixed Income and Currency Strategist

Gautam Jain, PhD, CFA

Gautam Jain has over 25 years of experience covering global emerging fixed income and currency markets, both as a strategist and a portfolio manager. He has worked in buy-side and sell-side firms, including The Rohatyn Group (TRG Management), Barclays Capital, and Millennium Partners. He has helped manage emerging markets local-currency and hard-currency debt funds. The assets that he covers include currencies, interest rates, sovereign credits, and related derivatives. He specializes in portfolio construction, smart-beta index creation, and asset allocation. Mr. Jain holds a Ph.D. in Operations Research from Columbia University and is a CFA charter holder.

Alpha Bites: Long Chilean Peso Vs Short South African Rand

FX Dashboard: Is Monetary Policy Still Driving FX Returns?

FX Dashboard: Russian Ruble Is Lagging the Rally in Oil

Rates 10y Dashboard: South Africa’s Rate Curve Set to Steepen

FX Dashboard: Cross-Correlations Between EM Currencies Rise Sharply

FX Dashboard: US Dollar, Commodities, and EM Currencies

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

FX & Rates

<p>After being one of the best performing EM currencies this year, the tide has turned for the South African rand in our view. We expect headwinds from the growth outlook worsening as a result of the July riots and a slow vaccination pace. With the central bank likely to stay on hold through 2021, the currency's carry should drop a well. Moreover, the tailwind from commodities may also be behind.</p>

After being one of the best performing EM currencies this year, the tide has turned for the South African rand in our view. We expect headwinds from the growth outlook worsening as a result of the July riots and a slow vaccination pace. With the central bank likely to stay on hold through 2021, the currency's carry should drop a well. Moreover, the tailwind from commodities may also be behind.

FX Dashboard: South African Rand’s Recent Underperformance to Continue

ZAR

FX Dashboard: South African Rand’s Recent Underperformance to Continue