Unusual suspects boosted by the return of rate differentials

Investors seeking value trades outside of the majors, with interest rates at 1.25% in the US, 3.25% in the eurozone and 0.1% in Japan, have bolstered currencies such as the South African rand, New Zealand dollar and the Norwegian krone. And the increasing level of risk-taking amongst investors is supporting the trend, said analysts.

"The two have to go together," said Karen Pringle, senior currency strategist at ANZ Investment Bank. "Without [reduced risk aversion], we wouldn’t have seen the