The rand was weaker against major currencies on Wednesday morning, following the release of consumer inflation data, which came in higher than expected.Statistics SA reported that the headline consumer price inflation (CPI) rate for September was 5.1%, up from 4.8% in August, which was higher than economists’ 4.9% projection.Shortly after the release, the rand was 10c weaker against the dollar, which is sensitive to factors affecting prospects of economic growth in the US.Local markets have seemingly taken Wednesday’s surprise Cabinet reshuffle in their stride with only a marginal impact on the rand.In the US, further insights related to the likelihood of tax cuts, and progress in finding a replacement for the Federal Reserve chairperson Janet Yellen, continue to play on market sentiment and feed into the dollar’s movements.At 11.30am‚ the rand was at R13.4908 to the dollar from R13.3927, at R15.8432 to the euro from R15.7621, and at R17.7642 to the pound from R17.6569.The euro was ...
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