The rand was firmer against major global currencies on Monday morning, with market focus this week squarely on the medium-term budget policy statement (MTBPS) on Wednesday. Finance minister Tito Mboweni’s statement on Wednesday will be closely scrutinised for the details of how the government will rein in the deficit and rearrange spending to create economic stimulus. Local market participants are likely to take little heed of ongoing scandals, including those involving VBS bank and the South African Revenue Service (SARS), ahead of the announcement, said Rand Merchant Bank analyst Nema Ramkhelawan-Bhana. Investors are likely to simply consolidate positions ahead of Wednesday. Some focus is also on local inflation data, with consumer inflation data for September due on Wednesday and producer price inflation due on Thursday. US GDP data on Friday is also expected to be closely watched, while global markets pay close attention to the ongoing Brexit saga, the Italian budget deficit and...
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