The dollar was down about 0.4% against a basket of global currencies, extending losses from Wednesday, while risk appetite globally was buoyed by the prospect of an end to Fed tightening.

“We’ve likely arrived at peak rates in the US,” said Nolan Wapenaar, co-chief investment officer at South African asset manager Anchor Capital.

“We expect that the Fed holds at their meeting in September and by the time of the next meeting in November inflation seems to be sustainably on the trajectory lower,” he added.

Data on Thursday showed South African producer inflation slowed sharply in June to 4.8% in annual terms from 7.3% in May, whereas analysts polled by Reuters had expected a smaller slowdown to 6.0%.

Source: Moneyweb