South African rand firms as traders wait for Powell speech
JOHANNESBURG - The South African rand strengthened in early trade on Friday, as traders awaited a speech by U.S. Federal Reserve Chair Jerome Powell that may give hints about the future interest rate path of the world's biggest economy.Powell is due to speak later on Friday at an annual meeting of global central bakers in Jackson Hole, Wyoming, and markets are looking out for clues on whether U.S. interest rate cuts will start in September.
"Should any new information be forthcoming, expect the market to be volatile around the speech," Cilliers added.
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