Rand hits worst level in weeks as traders fret over another Fed hike | Business

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Markets stuttered Tuesday on renewed concerns that the Federal Reserve will hike rates again, while another weak batch of trade data compounded worries about the struggling Chinese economy. | News24_Business

The positive sentiment that fuelled a rally through much of July has given way to nervousness that while US inflation is coming down, officials will keep tightening monetary policy to make sure they have prices under control.

The dollar, which will benefit from higher interest rates, climbed on Tuesday. In early morning trading, the rand hit R18.8237/$ - the weakest level in almost a month.Analysts also warned that while the US economy remained in rude health after more than a year of tightening, there were still recession fears.

While authorities have pledged in recent weeks to provide support to various parts of the economy, there has been little follow-through action, leaving investors frustrated and fuelling concerns about the growth outlook. The JSE's All-Share index was marginally lower, with Glencore down almost 4% following its results. Nedbank gained 3% after it reported double-digit profit growth.

 

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