The rand was slightly weaker on Tuesday afternoon as there was no new data to drive the local currency in either direction. Trading was expected to be quiet ahead of Freedom Day on Thursday and the Workers’ Day long weekend. "There is no data to take note of today, so sentiment will drive markets," said TreasuryOne currency dealer Phillip Pearce. At 3.40pm the rand was at R13.0812 to the dollar from Monday’s R13.0184. It was at R14.2442 to the euro from R14.1488 and at R16.7771 to the pound from R16.653. The euro was at $1.0903 from $1.0869. The only real market driver this week is set to be US President Donald Trump’s expected announcement on tax reform on Wednesday. So far the prospect of further tax cuts has not excited US markets as plans in this regard would have to be passed by congress. This could imply a lengthy process with a high risk of failure in the legislature. "We may see a shift of interest towards Trump’s proposed tax reduction plan but the plan will likely only be ...
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