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MARKET WRAP: Rand extends winning run to six days

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The JSE was pulled lower on the day by Naspers and Prosus

The rand firmed for a sixth consecutive session on Monday, its longest winning streak in nine months, as less hawkish than expected comments by the US Federal Reserve chair Jerome Powell supported emerging-market currencies.

In his speech at the Jackson Hole symposium on Friday, Powell said the Fed may start easing back on its bond purchases before the end of the year, but it is in no hurry to raise interest rates. The decision to raise rates will be guided by the data, taking into account the risks associated with the Delta variant of Covid-19. ..

 

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