The South African rand firmed on Wednesday after subdued U.S. labour data boosted bets that the Federal Reserve was done hiking interest rates and might start easing its monetary policy early next year.
Sterling hovered around its highest levels in almost three months against the euro on Tuesday, as markets raised their bets on rate cuts by the European Central Bank.
The South African rand was weaker in early trade on Monday against a stronger dollar ahead of a data-filled week both locally and abroad.
The dollar helt tight on Monday as markets took stock of cautious remarks from Fed Chair Jerome Powell as they waited on a key employment report that could influence the outlook for U.S. interest rates.
MSCI’S global stock index rose on Thursday while the Dow closed at its highest level since mid-January 2022, and bond yields and the dollar gained after Federal Reserve officials sounded caution about interest rate cuts.