The rand remained slightly softer against major global currencies on Monday afternoon, as investors awaited numerous local and international risk events this week. Analysts expect the rand to be under pressure this week, ahead of a closely watched medium-term budget policy statement on Wednesday. The speech will be a key determinant of ratings-agency decisions later in 2017. "We expect a terrible budget on Wednesday — simply put, there are no more rabbits to pull out of the hat," said Rand Merchant Bank currency strategist John Cairns. However, ratings agencies may wait for the announcement of tax revenue raising measures, which were typically in the February budget statement, Cairns said. However, debt issues and the recapitalisation of state-owned enterprises was likely to weigh on the rand, which faces downside risk, said Peregrine Treasury Solutions analyst Bianca Botes. The local currency was expected to be under pressure leading up to the budget, and there would be severe vola...
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