The rand remained weaker against hard currencies on Monday afternoon, as investors eyed the upcoming US Federal Reserve meeting on Wednesday and global data releases. Analysts said global factors rather than local ones would have more of an effect on rand volatility, which is expected to continue until the end of 2017. Economic data releases from both the US and eurozone are expected to be closely watched, as markets gauge when monetary policy tightening, expected this year, will begin. The dollar remains under pressure due to US political uncertainty, but the euro could weaken after signs that economic growth in the eurozone in the second half of 2017 may not have been as strong as in the first. The eurozone composite purchasing mangers index (PMI) disappointed on Monday‚ declining to 55.8 in July‚ below a consensus forecast of 56.2. It was still above 50, a level that indicates growth rather than contraction. The euro, which the rand usually tracks, weakened to $1.1630 on the news...
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