Rand rallies as US inflation spike seen as temporaryMost Asian and European markets rose Friday following a record lead from Wall Street as traders bought into the Federal Reserve narrative that surging US inflation was only temporary and the central bank was likely to maintain its ultra-loose monetary policies for some time. This helped to give the rand a boost, and it was last trading 1% stronger at R13.58/$.The JSE's All-Share index was flat at 67524 points. The three main New York indexes initially fell on the announcement before rebounding, with analysts pointing out that prices rose less than expected on a monthly basis. There has been a growing concern that the blockbuster recovery in the global economy - supported by stimulus, reopenings and vaccinations - will send inflation soaring and force central banks to taper their market-boosting monetary policies, which include record-low interest rates. - AFP, with additional reporting by Fin24

Source: News 24 June 07, 2021 07:58 UTC