Rand Gains With SARB Poised For First Rate Cut in Four Years [BNN Bloomberg (Canada)]
Wells Fargo & Company (WFC)
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Source: BNN Bloomberg
The currency strengthened 0.1% to 17.5331 per dollar by 7 a.m. in Johannesburg, hovering around its strongest level since February of last year. SARB Governor Lesetja Kganyago is expected to announce a 25-basis-point reduction in the benchmark rate to 8%, according to 21 of 22 economists surveyed by Bloomberg. One economist predicts a larger, 50-basis-point cut. Gryphon's Du Plessis Is Lone Outlier on South African Rates (1) The SARB's decision follows the US Federal Reserve's move to lower its benchmark interest rate by half a percentage point on Wednesday. Fed Chair Jerome Powell cautioned that the decision to cut by 50 basis points rather than 25 should not be seen as indicative of the future pace of easing. US rate cuts would normally be expected to give some relief to emerging-market currencies like the rand as some investors in US assets seek higher returns elsewhere. But they can also set off a chain of other cuts around the world, with policy makers following the US t
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