Local currency weakens ahead of decision on local interest rates and jobs data from the US
The rand has softened against major currencies ahead of the Reserve Bank’s rates decision. Picture: REUTERS
The dollar gained support after the US Federal Reserve took a dovish tone regarding adjusting interest rates during Wednesday’s Federal open market committee meeting. “It seems that the rand is very comfortable at current levels and it will take a rabbit out of the hat from the MPC [monetary policy committee] to move local markets. It seems that the market is waiting for political developments rather than local economies. Expect the rand to stay in current ranges and drift sideways after shrugging off the Fed comments,” said TreasuryONE senior dealer Andre Botha.
The benchmark R186 government bond weakened, with its yield rising three basis points to 8.42%. Bond yields move inversely to bond prices.
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