Yesterday, the Forex Blog reported that the Yen could soon peak as a result of renewed interest in the carry trade. On the other side of this equation are emerging market currencies, most of which offer interest rates well above their industrialized counterparts. The spread between South Africa's benchmark interest rate and the rates of Switzerland, Japan, and the US, now exceeds 10%. As a result of near-zero rates in these countries, investors have once again taken to scouring the earth for yield. Apparently, government stimulus plans and monetary incentives have restored confidence in risk-taking. South Africa is especially poised to benefit, as it is one of the world's largest producers of gold, which recently resumed its upward trend. Bloomberg News reports:

“South African interest rates are very high relative to other markets and that yield differential is underpinning the rand at a time when trading is very thin.”

Read More: Rand Rises Versus Dollar on Bets Zero Rate in U.S. Boosts Carry