The rand slumped ahead of keenly-awaited US inflation data and a European Central Bank policy meeting as traders seek clues on the timing of higher interest rates that could hinder economic recovery. "The tight trading ranges seen so far this month reflect the cautious mood in the market ahead of the inflation numbers," said Fiona Cincotta of City Index. Meanwhile US stocks were modestly higher in late morning trading, with the S&P 500 sitting near its record high. "US stocks are mostly higher in early action as the S&P 500 gives another run at record highs ahead of highly-anticipated inflation data due out tomorrow," said analysts at Charles Schwab brokerage. Markets were looking ahead also to the start Friday of a summit of the Group of Seven (G7) wealthy nations.

Source: News 24 June 09, 2021 16:52 UTC