The rand was softer against major currencies on the back of a data-heavy day on the global and domestic fronts. The dollar gained support after the US Federal Reserve took a dovish tone regarding adjusting interest rates during Wednesday’s Federal open market committee meeting. The global markets continue to be cautious as more developments unfold in the US-China trade war. Reuters reported that after temporarily lifting the ban on Huawei, the Trump administration might also impose Huawei-like sanctions on Chinese video surveillance firm Hikvision over China’s treatment of the Uighur Muslim community. On the local front, the Reserve Bank is expected to keep the interest rate unchanged at 6.75%. At 10am, the rand weakened 0.4% to R14.4336/$ and 0.26% to R16.071/€ as the EU parliamentary elections take place today amid Brexit jitters. The rand against the pound was flat at R18.1984. The euro was down 0.14% to $1,1135. “It seems that the rand is very comfortable at current levels and ...
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