[CURRENCY] At 12:30, the rand traded at 18.20 against the dollar, as traders braced for US inflation data and its implications for further Federal Reserve rate hikes. Moneyweb Currency
The rand strengthened against a weaker dollar on Wednesday, as traders braced for US inflation data and its implications for further Federal Reserve rate hikes.The US dollar index, which measures the greenback against a basket of six major peers, dropped around 0.2% to 113.14, after earlier touching the highest since September 29 at 113.59.
“The rand remains vulnerable over the near term, notwithstanding how much risk is already priced in at current levels,” economists at ETM Analytics wrote in a note. ETM Analytics economists said volatility will likely remain the order of the day until there are more signs of a potential Fed pivot, improving economic conditions in China or de-escalation of Russia’s war in Ukraine.
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