Rand under pressure ahead of bankers’ conference in the US
Other emerging-market currencies were firmer than the rand, which was down 0.42% before midday
The rand was under slight pressure on Tuesday just before midday, while other emerging-market currencies held steady against a firmer dollar as markets traded cautiously ahead of a conference of central bankers at Jackson Hole in the US. Just before midday, the rand was 0.42% weaker against the dollar while Brazil’s real, India’s rupee and Russia’s rouble were flat. Rand Merchant bank analyst John Cairns said that global and local markets were trading sideways in the absence of any meaningful data or news, and given the caution ahead of the Jackson Hole gathering. Investors are expecting to get clues about the direction of monetary policy so they can predict the interest-rate trajectory, especially in Europe and the US. Momentum SP Reid analysts said that while policy makers have, in recent months, been hinting about reducing liquidity, low inflation levels have injected a slightly more dovish tone into the monetary policy space. At 11.31am, the rand was at R13.2255 to the dollar fr...
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