The rand weakened to a three-week low on Friday, while the JSE closed little changed on the day, but almost 2,800 points below levels of a week ago. The local bourse was in line with weaker global peers as investors assessed the more hawkish tone of the world’s central banks.
he cautious tone struck by the MPC regarding the balancing of rate hikes versus economic conditions that caused the market to “interpret it as a little more dovish than expected, and the rand lost a little bit of ground,” said TreasuryONE currency strategist Andre Cilliers. At 5.22pm on Friday, the rand had weakened 1.45% to R15.6787/$, 1.49% to R17.4799/€ and 1.68% to R21.0315/£. The euro was little changed at $1.1146.
The Fed struck what was seen by many as a hawkish tone, leading markets to partially price in five interest rate increases for the world’s largest economy in 2022.
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