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MARKET WRAP: Rand at worst level in six weeks as dollar soars

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United Kingdom News News

The JSE tracked global peers weaker as investors assessed the US Federal Reserve’s next move

The rand fell to its worst level in six weeks on Monday, as the US dollar rose to a three-week high against the euro.

The dollar’s strength, on the back of Friday’s strong US jobs report, raised the likelihood of the Federal Reserve continuing with its inflation-fighting interest rate hikes for longer. Monday’s gains for the dollar followed a strong session on Friday when the greenback rose 1% against the euro, Reuters reported...

 

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