The rand gave back earlier gains and was slightly weaker against major currencies on Tuesday afternoon, as the dollar continued to stabilise due to subsiding geopolitical tension and weather risks. The greenback had been under pressure at the weekend as markets watched for a possible nuclear or missile test from North Korea, and for then-Hurricane Irma to make landfall. Despite these risks easing, some analysts said it was now a question of if or when North Korea responded to the latest round of UN sanctions, imposed on Monday. The rand should remain range-bound leading up to Thursday, when US consumer inflation is set to be released, said TreasuryOne currency dealer Gerard van der Westhuizen. US inflation is being closely watched as the US Federal Reserve considers raising interest rates or unwinding part of its balance sheet this year. Despite clear signs that economic growth is picking up in the world’s largest economy, inflation has been stubbornly below the Fed’s target of 2%. ...
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