Rand strengthens as focus remains on US monetary policy
US Fed chair Jerome Powell is expected to testify before Congress on Wednesday to provide an outlook on the country’s monetary policy
The rand was firmer against major global currencies on Monday afternoon as investors await some direction from the US Federal Reserve amid expectations that the US may cut interest rates.
Expectations of a rate cut were slightly dampened on Friday after US nonfarm payrolls showed that 224,000 jobs were added to the country’s labour market in June — 64,000 more than market expectations. The data is closely watched by markets as it is considered an important indication of the state of the US economy...