The rand was stronger against major global currencies on Thursday afternoon, gaining most on the euro, with the local unit benefiting from a lack of negative news headlines domestically and in Zimbabwe. The dollar was softer against most emerging-market currencies on Thursday, with much focus on the progress of US tax reforms. Uncertainty over the possibility that tax cuts may not take effect in 2017 has put the greenback under pressure. Later on Thursday the US Congress is expected to vote on its own version of the tax bill. The lack of new local political headlines had supported the rand, analysts said, after Monday’s tumble. Both the rand and bonds sank to one-year lows when the government announced it was planning to announce a free-higher education plan. In Europe, a second estimate of eurozone inflation for October was confirmed at 1.4%, down from 1.5% in September and well below the European Central Bank's target of just below 2%, reported Dow Jones Newswires. Month on month,...
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