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Rand softer ahead of rate decision, stocks slide

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الإمارات العربية المتحدة أخبار أخبار

الإمارات العربية المتحدة أحدث الأخبار,الإمارات العربية المتحدة عناوين

The rand had managed to withstand the greenback’s recovery in the last two sessions and in early trade on Wednesday touched a session-best R13.9425, aided in part by a solid retail sales print boosting bets the economy would avoid a second consecutive quarterly contraction.

JOHANNESBURG - The rand edged lower on Wednesday in cautious trade ahead of an interest rate decision that is set to test the currency’s recent rally and its ability to draw yield-seeking investors.

South Africa’s central bank meets on Thursday. According to a Reuters poll last week, it is set to cut interest rates by 25 basis points, while forward rate markets on Wednesday showed investors pricing in a close to 40% probability of a cut by that margin. But as traders in New York came online later in the session the rand stalled, with dollar bulls emboldened by better-than-expected data on US jobs, inflation and retail sales in previous sessions.

The benchmark JSE Top-40 Index was down 0.76% at 51,565 points while the broader All-Share Index dropped 0.83% to 57,573 points.

 

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الإمارات العربية المتحدة أحدث الأخبار, الإمارات العربية المتحدة عناوين

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