Rand prices rallied on higher commodity prices and dovish Fed sentiments in spite of a US PPI beat. FOMC minutes and further Fed speak will be in focus later today.
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US PPI supplemented Michelle Bowman’s thoughts by surprising to the upside on both headline and core prints respectively. The data could translate through to elevated inflationary pressures via theas well as Middle Eastern tensions on the rise, this trend may well continue placing greater pressure on the Fed to hike rates this year. The weaker dollar is allowing for some major South African commodities to find support and will help buoy the rand against the greenback.
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