The rand was slightly firmer against major currencies on Tuesday morning as global growth sentiment supported emerging markets. Upbeat manufacturing data out of China and around the world has buoyed market sentiment, signalling growth prospects at the start of the second half of the year. This has pushed up commodity prices. Rand Merchant Bank analyst John Cairns said that the "ideal environment for the rand is strong global growth (that pushes up commodity prices and encourages flows to emerging markets) without an inflation surge that would force central banks to tighten policy (and bring cash back home)". "For now, don’t expect a meaningful rand recovery … as foreigners have been selling out of local assets on the back of the rise in global yields." Investors will also be paying close attention to the ANC policy conference, which ends on Wednesday. Critical issues such as economic transformation and land redistribution are under discussion, but are unlikely to be effected immedia...
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