The rand perked up a little on Wednesday morning, taking direction from overseas markets where the dollar was shaky following tame US inflation figures, which put the markets at ease about the pace of interest-rate increases. The dollar also reeled from US politics, after President Donald Trump fired his secretary of state‚ Rex Tillerson. This came less than a week after Trump’s economic adviser, Gary Cohn, quit amid reports of disagreement over US import tariffs. however, in each instance the rand has showed a knee-jerk reaction, rather than a step change. ETM Analytics Halen ETM Analytics Halen Bothma said the rand was in a consolidation phase, after the so-called Ramaphosa rally had died down. "Fundamentals have come to the fore, now that [local] politics is out of the way. Markets will want to see the results of Moody’s ratings review and how the Reserve Bank approaches its monetary policy before placing big bets on the table." Moody’s is the only major ratings agency to still r...
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