The rand was a little shaky on Tuesday morning, but remained within its recent trading band.Analysts view the medium-term budget policy statement as a catalyst that could set the tone for the local currency in the short run.On Wednesday, Finance Minister Malusi Gigaba will present the midterm budget, which economists predict will paint a worrying picture about the state of the country’s finances."The expectation is for the budget deficit to be bad, but how bad exactly we will need to wait and see," TreasuryOne dealer Gerhard van der Westhuizen said in e-mail note.Rating agencies will be on guard to see if SA sticks to sound fiscal policies before they hand down their rating reviews in November.But, with the ruling ANC preparing for its elective conference in December, some believe that rating agencies will wait until after the conference, which is widely regarded as a defining moment for the ANC.The party will elect a new leader to replace President Jacob Zuma, whose term as party l...
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