Markets are cheering as the end of the tightening cycle in large, developed economies looks more certain. In the US, softer activity data and dovish remarks from members of the federal open market committee in the lead-up to last week’s rate decision, the Federal Reserve’s decision to leave rates unchanged, and worse-than-expected employment data on Thursday, sank interest rate expectations and pulled the dollar weaker.

Where before financial markets were pricing in some possibility of further hikes, these now look less likely. From equities to emerging market currencies, risky assets cheered. The rand has gone along for the ride, strengthening to R18.30/$, a level last reached in August. ..

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