Rand jumps most since 2017 on upbeat Fed rates outlook

The rand featured on the gainers’ list of emerging market currencies on Wednesday, strengthening by its biggest margin since mid-December 2017 after below-forecast US inflation data prompted bets that the Federal Reserve will slow the pace of interest rate hikes.  

Underlying inflation remained unchanged last month after advancing 1.3% in June, the US  labour department said in a closely watched report. The report shows underlying inflation pressures remain elevated as the Federal Reserve mulls another supersized interest rate hike in September…