Currency markets have traded in a narrow range ahead of the US Federal Reserve’s interest rate decision due out later this evening.
The rand closed at R18.22 versus the dollar on Tuesday before opening at R18.14 against the greenback this morning. The local unit is currently trading at R18.18/$.
Global stocks firmed during the morning session as investors tried to look beyond the Fed’s decision with hopes pinned on a slowdown in the aggressive pace the Fed has taken to increase the interest rate this year.
However, by the end of the local session markets had turned red while data from the US showed labour market strength.
The Bank of England will make its interest rate decision tomorrow while European Central Bank President Christine Lagarde will also speak on Thursday.
