The rand extended earlier gains against hard currencies shortly before midday on Wednesday, lifted slightly by higher commodity prices and a softer dollar. Analysts said the local currency was expected to be range-bound ahead of US Federal Reserve chairperson Janet Yellen’s appearance at Congress on Wednesday night Yellen will address legislators about the unwinding of the Fed’s $4.5-trillion balance sheet, and is widely expected to retain a hawkish tone despite the low-inflationary environment. The local currency would benefit from higher commodity prices, and with some pressure on the dollar, may see gains, said TreasuryOne currency dealer Gerard van der Westhuizen. A tight range could also be expected before Yellen’s comments. The euro, which the rand usually tracks, was little changed against the dollar shortly before midday, but recent strength had enabled it to reach one-year highs against the greenback. Analysts said gold had gained in the past three days after controversy ov...
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