The US Federal Reserve is expected to make some big calls today – influencing global markets, including the rand.
The rand remained on the back foot in early trade on Wednesday ; however, there was little movement in the wider market as investors await decisions from the United States Federal Reserve.
“With around a two to three-quarter lag between interest rate hikes and the impact on the economy, the rapid US rate hike cycle over last year… has not fully reflected in the economic readings on activity, with a US recession still feared,” said Bishop. “From July this year already markets think cuts in US interest rates would be more likely than hikes, while by November, a 25bp cut is fully factored in by the markets.”
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