The rand retained its softer bias against major currencies shortly before midday on Thursday, as investors waited for direction from central bank policy makers later in the day. Expectation of global monetary policy tightening later in 2017 has waned recently, amid a spate of soft economic data out of the US and Europe. In SA, where all economic metrics except risk to the rand point to an interest-rate cut, the Reserve Bank is expected keep the repo rate at 7%. The decision is likely to have been split this time, as a cut is the next logical move, TreasuryOne currency dealer Andre Botha said.
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