Market News
South African rand stable after Powell's cautious comments; US inflation in focus - REUTERS
JOHANNESBURG, Feb 12 (Reuters) - South Africa's rand was steady in early trade on Wednesday, as markets processed U.S. Federal Reserve Chair Jerome Powell's comments on interest rate cuts and braced for an inflation reading from the world's biggest economy later in the day.
At 0653 GMT, the rand traded at 18.5125 against the U.S. dollar , near its Tuesday closing level of 18.5075.
Powell told the U.S. Congress on Tuesday that the Fed was not in a hurry to cut interest rates and a reduction would be considered only if inflation eases or the job market weakens.