MARKET WRAP: JSE and rand firm as investors digest rate hikes at home and abroad
Reserve Bank’s more hawkish stance supported the local currency in late trade, says strategist
21 July 2022 - 18:58
The JSE closed firmer amid mixed global peers on Thursday, while the rand also firmed as investors digested policy decisions by the Reserve Bank and the European Central Bank (ECB).
The Reserve Bank’s monetary policy committee (MPC) raised the repo rate for a fifth successive meeting — by 75 basis points (bps) to 5.5% — in a move to curb accelerating inflation, which remained above the Bank’s target range of 3%-6%. Annual consumer inflation reached a 13-year high of 7.4% in June, well above May’s 6.5%, according to latest figures from Stats SA...
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