The rand was firmer against major global currencies shortly before midday on Thursday, as the dollar came under some pressure as markets wait for news of the US Federal Reserve chief. According to reports, Fed governor Jerome Powell has emerged as a favourite to succeed chair Janet Yellen, whose term in office will expire in February. Powell is widely seen as less hawkish than the other leading candidate, Standford economist John Taylor. US President Donald Trump is expected to announce his pick after local markets close. Powell is a lawyer by training, would be the first Fed leader in 30 years without a PhD in economics, reported Dow Jones Newswires. "While it is believed that Powell will resume a very gradual normalisation of monetary policy, he is expected to be more flexible in terms of financial deregulation," said FXTM analyst Hussein Sayed. Unless there was a surprise, the dollar was unlikely to show much reaction to the announcement, while investors were also watching for si...
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