The rand was notably weaker against major global currencies on Thursday afternoon, losing most to the greenback, as international politics took centre stage. Much of the market’s focus was on the US, where it is hoped negotiations between Congress and the Senate will be settled soon so the tax bill can be passed. Ongoing political issues centred on US President Donald Trump, including relations with North Korea, and the recent announcement the US would recognise Jerusalem as Israel’s capital. The end of the year was likely to be dominated by political stories, with central banks not looking to rock the boat and a US Federal Reserve rate hike next week all but priced in, said Oanda analyst Craig Erlam. Any shocks could shake things up in the markets but this was unlikely at this stage, he said. US nonfarm payrolls data to be released on Friday are the main data release this week, and it will indicate whether another interest-rate increase is in the pipeline before the end of the year...
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