The rand was little changed against major global currencies shortly before midday on Wednesday, with all eyes on the dollar, as the markets began pricing in the prospect of four interest rate increases in the US this year. On Tuesday, investors widely perceived US Federal Reserve chairman Jerome Powell’s first speech to the US Congress as leaning towards more rate increases than is currently projected, strengthening the greenback. The dollar firmed against most major currencies on Tuesday, with the rand leading the losses among emerging-market currencies overnight. Event risks this week continue to be high, with the market watching US inflation numbers, due later on Wednesday. Local data was disappointing, with private sector credit growth moderating to an annualised 5.54% in January, Reserve Bank data showed earlier. A Trading Economics consensus forecast had expected 6.4% growth. With global equities coming under pressure on Tuesday, and 10-year treasury yields eyeing 3%, the risk...
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