At 1535 GMT, the rand traded at 18.3025 against the dollar , about 1.8% stronger than its previous close."The market is holding its breath for the FOMC decision," said Greg Davies, head of wealth at asset manager Cratos Capital.
Slowing U.S. inflation increased bets that the Fed would skip a rate hike, but uncertainty remained about further rate increases."Yesterday saw a moderation in U.S. consumer inflation figures... with markets seeing the outcome supportive of a June US rate hike pause, which supported the rand," said Investec Chief Economist Annabel Bishop in a research note.
Like most emerging market currencies, the risk-sensitive rand is susceptible to moves in global drivers such as the U.S. monetary policy and the dollar. Locally, South Africa's retail sales fell 1.6% in April from a year earlier, government statistics released on Wednesday showed.
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: wjxt4 - 🏆 246. / 63 Read more »