South Africa woke up to a weaker rand following a public holiday yesterday in the country. The local currency traded above R14 to the US dollar after the Federal Reserve tilted toward tightening policy, aiding the greenback.
Fed Chairman Jerome Powell said that officials would begin talks on tapering massive asset purchases while penciling in two rate hikes by the end of 2023, reports Bloomberg.
The downward move follows a 13% advance in emerging market currencies from post-pandemic lows to a record high, with the rand being this year’s best performer.
The rise in the dollar also spelled bad news for commodities priced in currencies, with oil, gold, and copper all losing ground. And in Asia, stocks were down as investors continued to digest the Fed’s hawkish policy decision.
Here’s a roundup of the world’s top and most interesting headlines:
SA Business
Former Eskom chair Jabu Mabuza passed away from Covid-19-related complications – SABC News
SA records more than 13,200 new Covid-19 cases in 24 hours – Sowetan Live
Tech execs leave South Africa – and land top jobs overseas – MyBroadband
US Business
Trading in Next Digital shares suspended, five execs arrested – Investing.com
Microsoft CEO Nadella now doubles as company’s chairman – The Verge
Goldman hires to grab a piece of $1 billion in South Africa fees – Bloomberg
In-depth
Taxi driver to CEO of large JSE-listed company – Daily Maverick
Martin Wolf on G7 opportunities missed – Financial Times
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