The South African rand has managed to rally and trade at under 10 to the U.S. dollar this week but the small daily moves are being very much driven by gold, a key South African export. The price of the yellow metal peaked in mid 2011 and the rand has been weakening with it ever since. One of the implications from the Fed backing off from QE is that the dollar strengthens against other currencies. A strengthening dollar also sends gold lower. So the South African rand gets a double negative whammy from both falling gold prices and the rising dollar against the rand itself. Despite the recent move in the rand to a little strength, few are expecting it to reverse the downside trend anytime soon.