Brazil: Riding the Commodity Wave?

18 February 2021 Pundits are projecting the onset of the next Commodity Supercycle. To be sure, prices of primary products have spiked dramatically in the past year, and many commodity-linked currencies have begun to rally. The Brazilian Real, however, has been noticeably absent, despite the country's heavy reliance on this sector (Chart above). Unfortunately, the [...]

South Africa: Dawn of a New Era?

27 May 2018 Financial markets have celebrated the selection of Cyril Ramaphosa as leader of the ANC in December 2017, and his subsequent election as the Republic's president.  The beleaguered Rand (ZAR), for example, has rallied over 20% in the past four months.  Even the rating agencies have jumped on the band wagon.  Both Fitch [...]