The rand was stronger against the dollar on Monday morning with markets generally cautious after US President Donald Trump’s inauguration speech. The dollar weakened against a range of currencies after Trump’s speech lacked information about stimulus measures. TreasuryOne’s head of dealing, Wichard Cilliers, said the dollar found itself on the "back foot" after Trump’s speech on Friday. The dollar had soared after Trump’s victory on the expectation that he would cut taxes and hike infrastructure spending, which would eventually boost the US economy, "but it has since lost much of this steam". Nedbank economists said the dollar’s slide after Trump’s inauguration boosted global majors and emerging market currencies. Dow Jones Newswires reported that trade was expected to be cautious when Trump started rolling out executive orders in coming days. Westpac currency strategist Sean Callow told the news wires that the dollar was priced for strong growth and rising yields at the beginning o...
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