• Like gold, S African rand has been popular purchase for traders

• Cash embedded in FX carry trades may be influenced by bigger gold drop

• ZAR, MXN, HUF and BRL very popular buys last 18 months

• Liquidation of gold and silver bets may underpin USD

• Any unwind of carry trades would pressure illiquid EM currencies

• The rand's closer links to gold heighten risks for it

• Bitcoin's silence, gold's retreat: A crossroads for risk and the dollar

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USDZAR


(Jeremy Boulton is a Reuters market analyst. The views expressed are his own)