The rand was steady against the dollar and the pound on Monday and just before midday as markets awaited central bank policy announcements during the course of the week. The US Federal Reserve bank is expected to raise interest rates by 25 basis points on Wednesday, despite the US economy’s disappointing rate of inflation growth. The market has, however, already priced in the interest-rate increase. The economy generated 228‚000 new jobs in November surpassing expectations, while hourly earnings were up a disappointing 0.2%‚ lifting the annual increase in wages to 2.5% from 2.3% in October. Chief market strategist at FXTM Hussein Sayed said it is not the rate hike that would move the dollar on Wednesday but the tone, economic projections and the dot plot. "Given that we’re getting closer to a deal on tax reforms, the Fed might become slightly more hawkish." The bank of England and European Central Bank are also meeting this week. With Brexit talks taking shape, the Bank of England c...
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