Rand stabilises ahead of US inflation data
The rand was trading in a firmer environment on Tuesday morning after reaching a fresh low against the dollar on Monday afternoon. Traders will now look to US inflation data due later in the day for direction."Global markets have not been cowered by the terrorist attacks on Paris‚ providing a backdrop that has allowed the rand to stabilise‚" Rand Merchant Bank analysts said."Today’s event risk is focused on the US inflation print. The stronger the number‚ the greater the chance of the US Federal Reserve hiking rates next month‚" the analysts said.At 8.30am‚ the rand was trading at R14.3607 to the dollar from a previous close of R14.3156. On Monday‚ the rand weakened to a record low of R14.44 against the greenback.The rand was at R15.3104 against the euro from R15.2957 previously and at R21.7850 against the pound from R21.7610.The euro was at $1.0661 from a close of $1.0686. - BDlive ..
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