South Africa's rand slips as growth concerns trigger global bond rout

South Africa's rand was on the back foot early on Thursday as emerging market currencies were pushed lower by a global bond rout triggered by worries over slow economic growth. "Technically the rand is very messy," said Warrick Butler of Standard Bank. Rising global oil prices, which hit a 2015 peak of $69.63, saw a global government bond sell-off intensify, with South Africa's inflation outlook set to deteriorate further.