MARKET WRAP: Waning US inflation lashes rand
Rand weakens most in more than three weeks as US CPI data suggests tapering may be some months off yet
The rand weakened the most in more than three weeks as investors mulled over slightly lower-than-expected US inflation data. The JSE also fell, taking its cue from weaker markets in Shanghai and Hong Kong, with losses among miners and industrials overshadowing gains by banks and financials.
US inflation data is watched closely for any indication of when the Federal Reserve will start tapering its monthly stimulus. The country’s consumer price index (CPI) rose 5.3% in the year ended in August, slightly below the 5.4% increase in June and July, the Bureau of Labour Statistics said on Tuesday...