The rand held firm against a pressured dollar on Thursday morning with positive local markets also supporting the currency. Better than expected local retail sales suggested the economy could be emerging from its recession. On Wednesday, Statistics SA data showed that retail sales for June had grown at an annual rate of 2.9% from 1.6% in May. US President Donald Trump’s decision to disband two key business advisory councils on Wednesday, after business executives protested against his failure to condemn racism, put some pressure on the dollar. Rand Merchant Bank analyst Isaah Mhlanga said the business councils were crucial links between the executive and corporate America. Trump’s decision increased "the risk that the promised pro-business policy packages are going to be even more difficult to negotiate and implement, which can stall the optimism-inspired growth", he said. On Wednesday, the US Federal Reserve’s policy meeting minutes indicated that although Fed officials were divide...
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