The rand traded steady against major currencies on Friday just before midday as markets waited for central bankers’ addresses at the Jackson Hole symposium in the US. Market activity has been subdued ahead of comments from US Federal Reserve chairperson Janet Yellen and European Central Bank (ECB) president Mario Draghi, who are expected to speak later on Friday. Rand Merchant Bank analyst John Cairns said that markets look forward to knowing if financial-stability concerns will prompt the Fed to increase interest rates, even when inflation is so low, and when the ECB will begin its balance-sheet tapering. "This has been one of the quietest weeks for the rand in years. But Yellen could change all of that when she delivers her address," said Cairns. At 11.32am‚ the rand was at R13.1831 to the dollar from R13.2002‚ at R15.5535 to the euro from R15.5743, and at R16.9055 to the pound from R16.8992. The euro was $1.1798 from $1.1799.
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