MARKET WRAP: Rand at worst level in six weeks as dollar soars
The JSE tracked global peers weaker as investors assessed the US Federal Reserve’s next move
06 February 2023 – 19:36
The rand fell to its worst level in six weeks on Monday, as the US dollar rose to a three-week high against the euro.
The dollar’s strength, on the back of Friday’s strong US jobs report, raised the likelihood of the Federal Reserve continuing with its inflation-fighting interest rate hikes for longer. Monday’s gains for the dollar followed a strong session on Friday when the greenback rose 1% against the euro, Reuters reported…
Source: businesslive.co.za