JOHANNESBURG - The rand traded on a firmer footing during the European session, although traders await today’s Fed meeting for directional guidance according to NKC Research.
US policymakers are set to convene this evening, with our expectation for a maintenance of the current stance. We expect one rate cut this year of 25 bps, preponed from March 2020 to December 2019. In turn, we expect that local monetary authorities will cut the repo rate next semester by 25 bps, although the probability of a 50-bps cut has increased. At the close of local trade, the rand quoted 2.0 percent stronger at R14.51/$, after trading in range of R14.50/$ - R14.82/$. The rand traded flat overnight. Expected range today R14.40/$ - R14.65/$.
South African bourse