The South African rand soared over 2% on Tuesday as the dollar slumped after softer-than-expected U.S. consumer inflation data boosted interest rate expectations.
Asian share markets rallied on Thursday and the dollar was weaker after most U.S stocks edged higher and the S&P 500 recorded its longest winning streak in two years
The U.S. dollar licked its wounds and regained its footing on Wednesday and inched higher after a slew of Federal Reserve speakers left the door open to further rate hikes.
The South African rand weakened on Monday, giving back some of the gains the currency made last week on hopes for the end of the U.S. Fed’s tightening cycle.
The South Africa’s rand strengthened on Monday at the start of a data-heavy week that includes the government’s midterm budget statement.
The dollar headed for weekly gain on Friday, aided by solid U.S. growth figures that bolstered the case for higher-for-longer interest rates.
Reuters: The South African rand edged lower against a stronger dollar on Wednesday, taking global direction in the absence of local data.
Sterling ticked up on Wednesday after data showed UK inflation held steady in September, though above expectations for a slight retreat.
Sterling fell to six-month low against a strengthening dollar on Wednesday as markets are pricing in that the Bank of England (BoE) is done hiking interest rates.
Britain’s pound Sterling a small lift on Tuesday, benefiting from a resurgence of risk appetite across markets as the dollar eased from its recent 10-week highs.
The South African rand gained strongly on Tuesday, with one analyst saying it had looked undervalued after year-to-date losses and citing support from rising prices for precious metals.
The dollar wobbled near an over one-year low against its major peers on Tuesday, as investors awaited fresh catalysts to gauge if the greenback has further downside.
A sliding dollar was pushed lower still in Asia on Thursday, as traders took surprisingly slow U.S. inflation as a signal U.S. interest rate rises will be all but finished by month’s end.
The South African rand strengthened following improved local manufacturing output and a weak dollar spurred by expectations of an end to rate hikes.
The pound retreated on Monday but remained in sight of last week’s 15-month highs against the dollar with investors becoming more convinced the Bank of England will take a tough line on inflation.
The South African rand weakened around 1% against a stronger dollar on Thursday after the release of the central bank’s quarterly bulletin and producer price index data.
The dollar index rose on Wednesday following comments from a host of global central bank leaders, including Federal Reserve Chair Jerome Powell.
The South African rand gained on Tuesday as analysts speculated the weekend’s aborted mutiny in Russia may mean President Vladimir Putin could skip BRICS summit.
The South African rand gained 1% on Monday, as investors watched for potential ripple effects of the aborted weekend mutiny in Russia.
The dollar on the back foot on Monday, though it found some safe haven support on lingering worries that the protracted monetary tightening cycles from major central banks would further hurt the global economic outlook.
The South African rand weakened about 1% on Thursday against a stronger U.S. dollar as a spate of interest rate hikes by several central banks fuelled worries about global growth.
South Africa’s rand and stocks lost over 1% on Tuesday as the dollar firmed leading into Fed Chair Jerome Powell’s appearance at Congress.
The pound hit a 10-month high versus the euro on Monday as investors waited for British inflation data and a Bank of England decision later in the week.