MARKET WRAP: Rand plunges against dollar on US rates outlook

📆 08/02/2023 17:24:00
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Investors are jittery after Fed chair Jerome Powell’s less hawkish comments overnight were tempered with a warning

The rand plunged to a two-month low on Wednesday as investors weighed the Federal Reserve’s outlook on inflation and monetary policy.

Fed chair Jerome Powell acknowledged that price increases were starting to cool off, repeating that there are “disinflationary” signs in the economy, boding well for US assets. ..A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and TimesLive Premium.

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