MARKET WRAP: Rand touches four-month low
Currency takes a hit after worse-than-expected GDP data, compounded by hawkish comments from the Fed
07 March 2023 – 19:06
The rand touched its weakest level in four months on Tuesday after news that SA’s economy performed far worse than expected in the fourth quarter, while hawkish comments from the Federal Reserve chair Jerome Powell further weighed on sentiment.
Data from Stats SA shows GDP contracted by 1.3% in the three months to end-December, well below market expectations of a 0.4% decline and the sharpest contraction since the third quarter of 2021, mainly as a result of persistent load-shedding…