Federal Reserve Faces Subpoena Delay Amid Investigation Into Chair Jerome Powell 
BOJ Holds Interest Rates Steady, Upgrades Growth and Inflation Outlook for Japan 
ECB’s Cipollone Backs Digital Euro as Europe Pushes for Payment System Independence 
RBA Raises Interest Rates by 25 Basis Points as Inflation Pressures Persist 
China Extends Gold Buying Streak as Reserves Surge Despite Volatile Prices 
Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
The biggest hurdle in front of SARB is lower forex reserve which is just over USD40bn only and ZAR weakness.
- The weakening of the National Treasury leaves the SARB to lower its interest rates.
- In general Central bank cannot really prevent currency depreciation but can try to moderate the effects of a weak ZAR on inflation this only reason SARB hiked its policy rate in both 2014 and 2015.
- The downside pressure on the ZAR clearly increases the pressure on the SARB to tighten further.
- ZAR extends losses against dollar to 1.7 percent, reaches new record low of 16.1300 on Thursday during European hours.
