MARKET WRAP: Rand firms as CPI data points to Reserve Bank hike

The rand firmed after worse-than-expected inflation data on Wednesday, while the JSE tracked firmer global markets as investors focused on the pending publication of the minutes of the Federal Reserve’s most recent policy meeting.

Local consumer inflation accelerated to an annual rate of 7.6% in October, up from 7.5% in September and above the Thomson Reuters consensus of 7.4%, adding to expectations the Reserve Bank will increase rates further at the conclusion of its Monetary Policy Committee meeting on Thursday…