US Dollar Slides From 6-day High Against South African Rand
24 June 2010 - 5:31AM
RTTF2
After edging down to 7.5237 by about 9:05 am ET, the US dollar
reversed its direction against the South African rand and hit a
6-day high of 7.6078 within one hour on Wednesday. Thereafter, the
pair traded lower and currently trading near 7.5317, compared to
7.5760 hit late New York Tuesday.
As expected, the policymaking arm of the US Federal Reserve kept
its key interest rate steady Wednesday, leaving it at a target
range between 0 and 0.25 percent.
South Africa's consumer price inflation continued to ease in
May. South Africa's consumer price index, or CPI, rose 4.6%
year-on-year in May, but slower than a 4.8% growth in the previous
month, data from the Statistics South Africa showed today.
Inflation rate eased for the fifth consecutive month since January,
when it slowed to 6.2% from 6.3%. The latest inflation came in line
with economists' expectations. A year earlier, the CPI increased
8%.
On a monthly basis, the CPI rose 0.2% in May, in line with
economists' expectations. The food and non-alcoholic beverages
index increased 0.5%, while transport charges rose 0.3%. But, the
recreation and culture index decreased 0.2%.
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