The JSE closed firmer on Wednesday as the weaker rand supported resources and industrials, while banks and retailers retreated in risk-off trade on a firmer dollar. The dollar firmed sharply against the euro following a hawkish speech by US Federal Reserve chairperson Janet Yellen in which she stated it would be "imprudent to keep monetary policy on hold until inflation is back to 2%". The euro was at $1.1747 soon after the JSE’s close after reaching $1.1717 in intra-day trade. Emerging-market currencies dropped to mid-year levels as the possibility of an interest-rate hike in December increased the attractiveness of fixed investments in the US with less risky exposure to global equities. The JSE tracked upbeat European markets following Yellen’s remarks, with the FTSE 100 up 0.47% and the DAX 30 0.40%, in early evening trade. The rand weakened to R13.6046 to the dollar, its worst level since July with the possibility of further dollar strength placing the local currency on the back...
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