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Abstract:In response to a weaker dollar and predictions of a protracted aggressive hiking cycle by the South African Reserve Bank (SARB) to lower rising consumer prices, the rand rose to its highest level in almost ten weeks.
In response to a weaker dollar and predictions of a protracted aggressive hiking cycle by the South African Reserve Bank (SARB) to lower rising consumer prices, the rand rose to its highest level in almost ten weeks.
watching the news and the currency market. Before using a broker, traders can rate and review them on WikiFX, a forex research tool. Additionally, the app gives users access to the most latest forex news and data. Both the appstore and playstore offer the WikiFX application.
While investors awaited the most recent US Federal Reserve (Fed) meeting minutes, which may provide information on the central bank's future plans for tightening monetary policy in the wake of robust corporate earnings in the US and comments from Fed policymakers suggesting they were open to slowing the pace of rate hikes, the domestic currency increased 0.8% yesterday to R17.11 to the US dollar, the highest since September 12. This occurred in the midst of the greenback's losses.
Although the rand was strengthening, according to TreasuryONE currency strategist Andre Cilliers, it was currently stuck in the R17.20 to R17.50 range.
The rand needs fresh motivation to break its present range, but given the long weekend in the US and the release of the FOMC minutes, Cilliers warned that the market's lack of liquidity would result in some erratic movements.
Both the headline and core inflation rates increased in October, from 7.5% to 7.6% and from 4.7% to 5%, respectively. This indicates that inflationary pressures are still there.
At today's Monetary Policy Committee (MPC) meeting, which will be the final one for the year, the SARB is expected to announce another significant rate increase of at least 75 basis points.
Despite greater threats to the local economic outlook, such as global headwinds and record power outages, the central bank's primary instrument for taming high inflation is interest rates.
However, during September and October, the cost of gasoline (inland 95) decreased by a total of R3.06 cents per litre, which slowed the rate of inflation in the transport sector.
Lesetja Kganyago, the governor of the SARB, recently emphasized the need to better anchor inflation expectations at the midpoint of the organization's target range of 3% to 6%.
The comeback in IT stocks and strength in resource-related businesses, however, helped the JSE FTSE All Share Index rise 0.9% to trade at 72 908 index points.
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