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JOHANNESBURG. — The rand ticked up against the dollar at midday yesterday, continuing on its recent stronger path ahead of the Reserve Bank’s monetary policy committee (MPC) announcement of the latest interest rate later in the day. All 16 of the economists surveyed by Business Day expected rates to be left on hold. At 11.39am‚ the rand was at 14,2755 to the dollar from 14,3446 at the previous close.

It was at 15,73195 against the euro from 15,8018 previously‚ and at 18,8435 against the pound from 18,9539 previously. The euro was at $1,1021, from $1,1016 at the previous close. TreasuryOne currency dealer Andre Botha said the firm believed the MPC would keep interest rates on hold, as the inflation figure surprised the market — at 6,3 percent, it was slightly above the target band, but not nearly in “panic station territory”.

The US Federal Reserve has also given the MPC a reprieve, and the MPC is not expected to try front-run the Fed, he said. Global and local traders will also focus on the European Central Bank’s rate decision later on Thursday, with no rate change widely expected.

Investors will focus on the media conference thereafter for clues on Brexit-related action and possible further eurozone monetary stimulus. — BDLive.