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MARKET WRAP: Rand, JSE rally as US inflation surprises

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Markets welcome better-than-expected monthly CPI data from the Labor Bureau, but warn that the rand still faces headwinds

The rand reversed course on Tuesday, gaining the most in more than two weeks, while the JSE tracked firmer global markets after the US reported better-than-expected inflation data, raising hopes that prices are peaking.

US consumer price inflation at an annual rate of 7.1% in November, below the market expectation of 7.3% and down from 7.7% in October. Core inflation, which excludes volatile food and energy prices, rose 0.2% in the month and 6% year on year, also estimates of 0.3% and 6.1%, respectively...

 

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