Rand holds firm amid cooling US data, Middle East uncertainty
The rand was little changed on Friday as easing United States (US) inflation boosted speculation that the Federal Reserve would keep rates on hold, while Middle East tensions supported the dollar.
The South African currency typically gains when risk appetite is strong, but fears that the US-Iran standoff could disrupt oil supplies and hurt global growth may keep investors cautious.
Risk sentiment remained fragile after the United States signalled it could maintain its naval blockade of Iran indefinitely and step up economic pressure on Tehran, highlighting the risk of a prolonged Middle East conflict.
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