The rand was relatively flat at R14.96/$ in early trade
The rand was fairly flat on Thursday morning, but held below the R15/$ handle, a sharp about-turn from R15.30/$ a week ago, which was the weakest level since March.
US Federal Reserve chair Jerome Powell is expected to provide clues when he speaks at the Jackson Hole event on Friday. There is concern that the highly transmissible Delta variant of Covid-19 could lead to a delay in the tapering of the Fed’s monthly $120bn bond buying stimulus programme. “The next step globally is for a gradual withdrawal of stimulus, growth momentum in China has peaked, and SA’s overall weak fiscal position makes for a difficult backdrop in the coming quarters.”
Elsewhere, the equity markets were weaker in Asia, suggesting a degree of profit-taking after a positive week in the region so far this week. US stock futures dithered in early trade, after the S&P 500 closed at record highs.
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