The rand was slightly firmer against major global currencies shortly before noon on Wednesday, as risk-on sentiment returned to international markets, and investors closely watched for local political developments. A Dow rebound on Tuesday has helped cool investor fears of a continued sell-off of global equities, with analysts commenting on the remarkable stability of the rand during recent volatility. Earlier in the week, rising global yields in the developed economies sent global equities into a tailspin, with the Dow registering its biggest points loss to date. Risks remained, and another sharp down day on Wall Street could see panic resume, Rand Merchant Bank currency strategist John Cairns said. This time emerging markets would not be able to hold up against a continued decline. Domestically, much focus is on the future of President Jacob Zuma, amid rumours that a deal had been struck for his resignation. Reports have suggested Zuma will resign as soon as a list of precondition...
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