It has been a difficult week for the ZAR, driven by more than just the market’s response to the Fed’s decision. The currency’s depreciation began early in the week, well before any official monetary policy announcements. As markets adjusted to price in a more hawkish Fed stance, the ZAR experienced additional pressure. Adding to the strain, news from China highlighted ongoing economic difficulties, offering little relief. To some extent, the ZAR’s recent movement also reflects a catch-up with other commodity-linked currencies similarly exposed to China’s economic outlook.