The rand ended the year under intense pressure after currency traders reacted negatively to President Jacob Zuma’s shock decision to remove Nhlanhla Nene as Finance Minister and replace him with the little known David ‘Des’ van Rooyen. It recovered, but remained under pressure even after the credible Pravin Gordhan was reappointed only days later. The currency also started 2016 on the back foot and then suffered a ‘flash crash’ on January 11. It’s impossible to forecast what will happen next. However, one thing is clear: the rand is now as vulnerable to negative domestic news flows as it is to megatrends in the global markets.