The rand firmed in early trade on Wednesday, as the dollar pared back some of its gains ahead of highly anticipated US inflation data due later in the day. Moneyweb Rand Inflation
The rand firmed in early trade on Wednesday, as the dollar pared back some of its gains ahead of highly anticipated US inflation data due later in the day. At 0640 GMT, the traded at R16.99 against the dollar, up 0.28% from its previous close. It dipped to R17.18 on Tuesday, its weakest since September 2020.
56 a day earlier. “All eyes will be on the US CPI print and if the USD wrecking ball continues or gives the market a bit of a breather,” Andre Cilliers, currency strategist at TreasuryONE, said in a research note. Economists polled by Reuters forecast headline US inflation accelerated to 8.8% year-on-year in June, a 40-year high, which is likely to reinforce expectations of interest rate hikes to help the dollar.
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