MARKET WRAP: Rand defies hawkish central banks to gain against all hard currencies

After a week of hawkish announcements and action by leading central banks, many analysts expected the rand would weaken as a result, but this has not been the case.

The rand firmed for a third straight day on Friday even as the Bank of England raised rates, albeit by a tiny amount, and the US Federal Reserve said it would accelerate the speed at which it tapers its current round of stimulus…