Rand steady as US celebrates Fourth of July

The rand was steady against the dollar on Wednesday, after opening at R13.67 to the greenback. 

"We expect a quiet day in the forex markets Wednesday as the US celebrates Independence Day," said Bianca Botes of Peregrine Treasury Solutions.

At 14:35, the local currency was changing hands at R13.71, 0.3% weaker on the day. 

Andre Botha from TreasuryONE said trade would be thin on Wednesday – but that didn’t mean there couldn't be shocks.  

"With the US being out of the market [on Wednesday] we can expect some thin trading and [it’s] usually a quiet day in the markets.

"[However], in thin market conditions, adverse data or news can cause more severe knee jerks. We expect that the rand will have a quiet day, with all eyes fixed on tomorrow and Friday, when the Fed minutes and non-farm payroll numbers come into focus."

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