Who's buying ZAR?

=> Here we are expecting dollar strength to remain in the spotlight and EM to come under further pressure one more time before year end.
=> Although there has been some improvement on the political side in South Africa the foreign positioning in SAGB's remains heavy.
=> Yields are rising in the US as we widely expected since earlier in the yearend we see South Africa as very vulnerable in this climate as "smart money" will sell ZAR to hedge out of exposure.
=> Good luck all