Rand pares earlier gains following dovish European Central Bank minutes
The rand came off its best levels to the dollar on Thursday afternoon, tracking a weaker euro, which lost ground after the release of European Central Bank minutes. The July meeting minutes indicated, among other things, that convincing progress on inflation, and favourable financing conditions were needed before further monetary policy tightening was effected. Policy makers also expressed concern over the continued strength of the euro. The dollar has been under pressure following US Federal Reserve minutes released on Wednesday, as well as political concerns centred on the administration of US President Donald Trump. Minutes from the Fed’s last policy meeting on Wednesday indicated that officials were divided over the timing of future interest-rate increases‚ as they struggled to understand why inflation had been so weak in recent months‚ reported Dow Jones Newswires. The minutes highlighted the growing divide that was appearing within the Federal Reserve with respect to interest ...
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