[CURRENCY] At 11:30, the rand traded at R16.98 against the dollar, as investors looked for more clarity on the outlook of the Fed’s rate-hike path. Moneyweb Currency
The rand weakened in early trade on Tuesday, later strengthening to 16.89 to the dollar in mid-morning trade. This was as investors looked for more clarity on the outlook of the Fed’s rate-hike path. By 11:06 the rand traded at R16.9811 against the dollar. Markets were awaiting a speech by Fed Chair Jerome Powell later on Tuesday and US inflation data on Thursday, which could give cues on the likely path of rates this year.
“US inflation is expected to drop sharply, which could hold implications for US monetary policy,” ETM Analytics said in a research note. “A larger-than-expected drop might quickly soften expectations for further hikes and detract from the dollar,” ETM added. After a record close of 72 223 points on Monday, the JSE Top40 index was down 0.44% on Tuesday, while the JSE All Share was down 0.37% at 78 049 points by 10:51.
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