The South African currency benefited from a retreating greenback as a lack of local releases turned the attention to the two-day FOMC meeting which will conclude on Wednesday according to NKC Research. busrep
JOHANNESBURG - The South African currency benefited from a retreating greenback as a lack of local releases turned the attention to the two-day FOMC meeting which will conclude on Wednesday according to NKC Research.
The FOMC is in the midst of its blackout period and is expected to reaffirm its very dovish forward guidance, and it might be ready to link it explicitly to an inflation or unemployment target. We believe the Fed is leaning towards stating it will not lift interest rates off the effective lower bound until inflation is sustainably at or above the 2 percent y-o-y target, which could be until 2024. At the close of local trade, the rand quoted 1.21 percent stronger at R16.
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