U.S. consumer pricesto 3% in June, lower than market expectations of a 3.1% increase, signalling to investors that the U.S. Federal Reserve may be nearing the end of its tightening cycle.
Although the Fed has said rates could be hiked in its next meeting, investors are betting on just one single hike before it pauses, a move which could gradually spark economic activity. "We are seeing strength come in on the emerging market currencies including commodity based currencies of which the rand is both," said Shaun Murison, senior market analyst at IG.The main board of the Johannesburg Stock Exchange
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