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US Fed stance boosts rand ahead of SA jobs stats

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Cape Town – The rand was on the cusp of breaking through the R14.20/$ ceiling on Thursday after the US Fed said it was not going to hike its fed funds target range on Wednesday.

Up 1.2% at 08:45 on Thursday to the dollar, the rand benefited from the upbeat tone of the Fed statement, as it “was a bit more confident on improving economic conditions, particularly household consumption”, according to RMB analyst Isaah Mhlanga.

READ: US Fed begins crawl toward rate hike as near-term risks diminish

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