The rand held onto its gains on Thursday afternoon, having firmed earlier after the US Federal Reserve kept interest rates on hold as expected, while the euro and pound both faced disappointing data reports.Eurozone inflation for April printed below market expectations, while in the UK, a purchasing managers index for services also came in under the consensus forecasts.Both sterling and the euro had been somewhat oversold, and despite the euro rebounding somewhat, the data suggested the European Central Bank "will be dormant for some time", said BK Asset Management MD Boris Schlossberg.The dollar remained weaker against both the euro and a basket of currencies on Thursday afternoon, as markets digested signals given by the US Federal Reserve on Wednesday.Market observers looking for signs of more aggressive monetary policy tightening from the Fed were disappointed. The world’s most influential central bank gave little away in terms of guidance about future policy moves.Analysts said...
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