The rand was flat against the dollar on Wednesday morning after the greenback firmed on the possibility of an US interest rate increase in March. Nedbank Corporate and Investment Banking (CIB) analysts said in a note that the current dollar strength could be due to the increased possibility of a increase from the US Federal Reserve at its March 15 meeting. Dow Jones Newswires reported that San Francisco Fed president John Williams said in a speech in California that "a rate increase was very much on the table for serious consideration" at the meeting. The newswire said New York Fed president William Dudley had independently told CNN that the case for raising rates "has become a lot more compelling" in light of the economy’s current and expected performance. An increase could come "in the relatively near future", he said. Also on the international front, US President Donald Trump’s first address to Congress failed to provide the policy details the markets were hoping for.
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