The rand was slightly stronger at the start of the new week, which will be dominated by the medium-term budget policy statement on Wednesday. Analysts have said the local currency is unlikely to move significantly in either direction before the speech, which will likely sway the views of the rating agencies as they prepare to review the country’s credit rating in the next two months. "The rand appears to have entered a period of consolidation as traders await the trigger for the next big move," Standard Bank trader Inshaan Omar said. "While the dollar powers ahead against the majors on expectations of a December rate hike, gains against EM [emerging market] currencies appear to be somewhat subdued." The rand in particular was fairly resilient last week, notching up more than 2% against the dollar to halt three consecutive weeks of declines. Finance Minister Pravin Gordhan will deliver the mini budget and there will be keen interest in whether the state is containing its bloated wage...
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