Commodities are still at very high levels and are supporting the rand. In the long run, the economy remains a supportive factor for the rand.

The reduction in the yield differential is a negative for the rand. With the rand being strong so recently, some people may be speculating about a cut in South African rates.

Any data indicating U.S. rates may peak is a good signal for the rand and other emerging market currencies. Overall, the mood still remains nervous.

Politics are a hindrance in the medium term, but the overall story is still positive for Poland. International funding is very healthy and the economy is in reasonable shape.

The government is looking to exert pressure on the central bank for rate cuts, and that could be detrimental to fighting inflation. Investors will be watching very carefully for signs of interference.

Any time there's talk of interfering with the central Bank, that makes investors very nervous. Political uncertainty will linger and we could see a weakening of the currency.