MARKET WRAP: Rand weakens for eighth session running, flirting with R16/$
Not since then US Fed chair Ben Bernanke triggered the ‘taper tantrum’ in May 2013 has the local unit fallen for so many days straight
The rand weakened for an eighth straight session on Wednesday — its longest losing streak since May 2013 when the US Federal Reserve signalled it would begin winding down the stimulus that had been in place since the world began its recovery from the 2008/2009 financial crisis.
On Tuesday, markets came under pressure and investors sought the safety of the dollar as concerns heightened that China’s Covid-19 outbreak would derail the global economy. This comes as the Russian invasion of Ukraine has disrupted key markets and pushed inflation higher, which could lead to faster interest-rate increases...