The local currency sagged slightly against the dollar on Wednesday morning, ending a four-day winning streak
The rand dipped slightly against the dollar on Wednesday morning, ending a four-day winning streak that had put it a two-week high, supported in part by bond inflows.
US inflation has run above the US Federal Reserve’s 2% target for months now, leading to speculation that the central bank may have to increase interest rates sooner and faster than the market had expected. US inflation is expected to have accelerated to an annual rate of 5.9% in October from 5.4% in September, according to a Bloomberg median estimate. Core inflation, which excludes volatile food and energy prices, probably rose to 4.3% from 4% on an annual basis.
Over the past week, foreigners bought just more than R5bn worth of local bonds on a net basis, as global yields tumbled following the Fed’s dovish messaging and Bank of England held off on increasing rates.
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