Rand stabilises at relatively stronger levels, taking its cue from global markets
The rand hovered near a three-week high to the dollar on Monday morning, leveraging off a supportive global backdrop.The dollar was still shaky after climbing down from a four-month peak against the basket of currencies late last week, coinciding with underwhelming US inflation reading.The US data left questions hanging as to whether US Federal Reserve would be as aggressive in its rate hiking cycle as some had previously suggested.Equity markets were roundly positive, giving impetus to the rand that halted its sixth consecutive week of losses against the dollar last week.The relatively buoyant global market sentiment came as geopolitical tension eased, at least on the Korean Peninsula.North Korea agreed at the weekend to dismantle its nuclear bomb test site, as one of its attempts to normalise relations with the international community, particularly the US, which has been critical of its nuclear weapons ambitions.The rand has recently reclaimed its status as one of the most volatil...
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