The rand continued to firm against major currencies on Thursday, trading at a two-week high against the dollar, which was weaker against its peers on a combination of year-end profit-taking, weaker than expected economic data and lower treasury yields. The rand was also boosted by an increased global demand for commodities, which saw the price of gold surge. Gold reached a level of $1,150.18 per oz from $1,141.34/oz at its last close. The rand hit a best morning level of R13.6705 against the dollar. But the dollar’s slide is not expected to last long with anticipated interest-rate hikes by the US Federal Reserve next year. At 11.03am, the rand was R13.7153 to the dollar from Wednesday’s close of R13.8382. It was R14.3314 to the euro from R14.4196 and R16.8216 to the pound from R16.9348. The euro was at $1.0449 from $1.0412. Thursday afternoon sees the release of local trade data for November. Barring any big surprises, the figures are unlikely to have a significant effect on the ran...
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