The rand had gained 0.87%, or 13c, to the dollar on Monday afternoon on a marginal comeback by the euro since last week. The local currency, however, is still down 17% on the dollar so far in 2018. The pending resumption of trade talks between the US and China has supported marginal risk-on sentiment, but analysts say the strength in the euro might be temporary, as the market awaits the release of the US Federal Reserve’s federal open market committee minutes on Wednesday. The minutes are likely to reveal a slightly more hawkish stance from Fed members, with the likelihood remaining that there will be two further interest-rate hikes in the US later in the year. The Fed kept rates unchanged, at 2%, at its last meeting. The Fed is also hosting global central bank heads for its annual conference at Jackson Hole later in the week. The rand was hammered on Friday amid perceptions that the Reserve Bank’s independence may be at risk following EFF leader Julius Malema’s tabling of a bill in...
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