The rand retained its firmer bias against major currencies on Tuesday morning, as the market awaits direction from local and foreign data releases scheduled for later in the day. Analysts said global market volatility usually dropped off in July due to the summer holidays in the northern hemisphere. This had seemingly "come early" with the market appearing less reactive to data releases, Rand Merchant Bank currency strategist John Cairns said. The rand was likely to retain a firmer bias against the dollar, but this would be constrained, said Cairns. US consumer confidence data is expected later on Tuesday, with the market currently sceptical of the US Federal Reserve’s view that GDP growth in the world’s largest economy will pick up. The Fed has indicated it will raise interest rates a for a third time in 2017 in December, followed by another three increases in 2018. At midday Statistics SA is expected to release the employment statistics, surveying the formal economy, for the first...
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