The rand was slightly weaker on Thursday morning, catching its breath after a three-day rally that led to a 3% gain against the dollar. ETM Analytics market analyst Ricardo da Camara said the rand was unlikely to strengthen further ahead of next week’s medium-term budget policy statement, which the ratings agencies will scrutinise as they prepare to review the country’s credit rating before year-end. Da Camara added that the fraud charges against Finance Minister Pravin Gordhan cast a shadow over the short-term outlook for the rand, which had had a volatile year so far. In the absence of fresh domestic political developments, investors will focus on European Central Bank (ECB) president Mario Draghi for some guidance when the bank meets on Thursday. Markets will be hoping for clarity on the ECB’s stimulus package after recent speculation that the central bank aimed to taper its bond-buying programme. "The euro could feel the heat if Draghi or the ECB policy statement talks about a Q...
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