ZAR strengthens 0.4% to 18.05/USD in early trading, following three days of heavy losses. Key factors: Markets anxious about Trump's trade policies Rand lost ~4% vs USD since Nov 5 US election High volatility in currency markets Market dynamics: Rising US Treasury yields USD strength on expectations of Trump's pro-growth policies Short-term speculative positioning pressuring ZAR SA's terms of trade remain relatively robust Market outlook: Rand likely to follow global cues due to light domestic calendar Johannesburg Top-40 index down 0.3% in early trade SA 2030 govt bond yield up 2 bps to 9.25% Expert view (Andre Cilliers, TreasuryONE): "The currency has struggled amid rising U.S. Treasury yields and dollar strength driven by expectations of pro-growth policies under Trump." #SouthAfricanRand #ForexMarkets