The rand strengthened against major currencies on Thursday afternoon, after the Constitutional Court ruled the speaker of the National Assembly, Baleka Mbete, has the discretion and constitutional power to decide whether an upcoming vote of no confidence in President Jacob Zuma is conducted via secret ballot. TreasuryOne analysts said the rand also remained buoyed by higher commodity prices and interest in emerging-market bonds. The rand would remain driven by political events‚ while emerging markets "were on the front foot"‚ as global risk appetite stabilised‚ TreasuryOne said. Analysts said the local unit was expected to remain range bound, with global sentiment remaining supportive of emerging markets, and a lack of local economic data releases today. Bullish data on US oil inventories released on Wednesday, and investor expectations of rising US production, helped chip away at Brent crude prices, Dow Jones Newswires said. Weaker oil prices tend to reduce inflation expectations a...
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