The rand was firmer on Friday at midday as the local currency reacted favourably to the limited fallout from President Jacob Zuma’s state of the nation address (Sona). News that Trump would announce an ambitious tax reform plan in the coming weeks boosted the dollar. Trump said his announcement would be "phenomenal in terms of tax" and would come within the next three weeks. Trump’s announcement caused renewed asymmetrical trade in the markets. The rand was stronger despite a firmer dollar, which was unusual as the local currency usually trades inversely to the greenback due to its commodity status. "The juxtaposition between a strong Wall Street and a stronger dollar places the rand in an interesting position," said TreasuryOne currency trader Andre Botha. He ascribed the rand strength to a firmer Dow, which closed 0.59% higher at a record 20,172.40 points on Thursday. This was also unusual, as a stronger dollar usually has a negative effect on the Dow as it reduces the foreign ear...
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