South African Rand Gains After Inflation Beats Expectations

The South African rand gained today after nation’s inflation beat expectations.
South Africa’s annual inflation was at 4.5% in June, the same as in May and above the market consensus of 4.4%. Core inflation was at 4.3%, up from 4.1% in May, which was the lowest rate in more than a year. Monthly inflation was at 0.4%, up from 0.3% in the previous month and matching forecasts.
USD/ZAR edged down from 13.9115 to 13.8908 as of 18:55 GMT today. EUR/ZAR declined from 15.5146 to 15.4697, and its session minimum of 15.4358 was the lowest since February 11.

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