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Rand remains steady as markets eye the US Fed’s rate decision

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The US Federal Reserve is likely to keep interest rates on hold, despite US President Donald Trump’s pushing for cuts

The rand was little changed on Wednesday afternoon but retained Tuesday’s nearly 2% gain on the dollar, as global markets await the latest decision by the US central bank.

The rand firmed on Tuesday after European Central Bank president Mario Draghi said the bank may consider loosening monetary policy should inflation remain low. The benchmark R186 government bond was stronger, with its yield falling seven basis points to 8.195%. Bond yields move inversely to bond prices.

Efficient Group chief economist Dawie Roodt said although the rand was benefiting from external factors, it was still reeling from ANC secretary-general Ace Magashule’s comments on changing the mandate of the Reserve Bank.

 

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