Rand firms to a two-month high on softer US inflation
Analysts warn that the risk-sensitive currency is likely to remain volatile in the short term as the outlook remains uncertain and CPI is still well above the Fed’s target
12 January 2023 – 19:36
The rand touched the strongest level in two months on Thursday, firming along with other emerging-market currencies, after a report showed US consumer inflation rose at a slower rate for a second straight month in December as widely expected.
The consumer price index (CPI) in the world’s biggest economy rose by 6.5% year on year in December, down from 7.1% the previous month, and slowed to 0.1% month on month. The numbers were in line with consensus forecast in a survey by Bloomberg, and offer confirmation that the Federal Reserve’s aggressive policy tightening is beginning to have an effect…
Source: businesslive.co.za
