The rand was marginally firmer against major global currencies on Tuesday morning, finding resistance at R13.88/$, as markets waited for data that could give clues as to the US Federal Reserve’s future monetary policy.

The prospect of interest rate cuts in the US has bolstered the rand and other emerging-market currencies recently, with markets pricing in a 100% chance of a 25 basis point cut at the Fed’s meeting on July 31.

US retail sales for June, due at 2.30pm are being closely watched, as markets try to price the chance of a 50 basis point cut at the meeting.

At 8.30am the rand was 0.11% firmer at R13.8822/$, 0.15% stronger at R17.3729/£ and 0.1% up at R15.6285/£. The euro was flat at $1.1259.

The rand is struggling to gain momentum below the R13.88/$ mark, while moves to R14.05/$ can be expected, said Peregrine Treasury Solutions corporate treasury manager Bianca Botes.

“The intraday range remains tight at R13.88/$-R13.96/$, with most of the currency movement expected during the release of the US data,” Botes said.