The rand was weaker against hard currencies on Thursday afternoon, as emerging-market currencies gave back some of the gains that followed the US Federal Reserve statement on Wednesday. The dollar slumped against most currencies after Fed officials voted unanimously to keep interest rates on hold. Fed officials also said that an unwinding of its $4.5-trillion balance sheet would begin "relatively soon". Analysts said the comments, widely perceived as dovish, had lifted emerging markets. Some investors had questioned the Fed’s planned interest-rate increase cycle, given that inflationary pressure appeared not to be building in the world’s largest economy. US economic data releases on Thursday and Friday could lead to cautious trade‚ but the Fed’s stance may continue to support emerging markets‚ said Sasfin Securities analysts. Second-quarter US GDP numbers were expected on Friday. On Thursday the US commerce department said the country’s trade deficit in goods was down 3.7% in June f...
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