The rand was broadly flat against global currencies on Wednesday morning, but the currency remained under pressure as the ANC’s fifth national policy conference enters its final day. Discussions in the conference have not surprised the market as expected, but investors will continue to pay attention as conclusions and recommendations are reached. The minutes of the US Federal Reserve Bank’s June meeting are due for release later in the day. The Dow Jones Newswires reported that Fed officials had already indicated there was a strong chance of a decision to start shrinking the bank’s portfolio of bonds while postponing any further interest-rate increases to December. TreasuryOne currency dealer Phillip Pearce said if there was further interest in local bonds like there was on Tuesday, the rand could strengthen to below R13.10 to the dollar. Geopolitical concern remains high after North Korea launched an intercontinental ballistic missile. The rand reversed some of the gains it made on...
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