Rand and JSE extend gains as investors cheer softer US consumer numbers

The rand extended the previous session’s gains on Tuesday morning, as softer-than-expected US consumer price data raised bets that the US Federal Reserve’s rate hiking cycle was over.

The local currency firmed 2.45% — the biggest one-day gain since May — with investors’ optimism building that not only is the Fed’s rate hike over, but the central bank may even start cutting rates early in 2024…