The Rand and other EMs have fallen under pressure this afternoon, creating wide ranges for the Rand across the board. With the euro and pound still holding firm against the dollar, we have seen the euro trading at its highest level against the Rand, touching R18.20, while the pound is trading at R20.80. The Rand has reversed all the gains from Friday evening as slightly dovish commentary by Fed speaker Daly and BoJ intervention saw the rand trade at R18.05 early this morning but traded as high as R18.45 this afternoon.