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Rand flat on Fed rate decision day

Currencies
Johannesburg - The rand was flat against the dollar on Wednesday, as some investors stayed on the sidelines ahead of the US Federal Reserve’s policy decision last night.

At 5pm, the rand had edged up 0.09 percent to R13.3455 to the greenback from its New York close on Tuesday.

The Fed was to conclude its two-day meeting last night with the central bank largely expected to hold interest rates steady. The focus was expected to be on language about future direction.

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South African Rand coins are seen in this photo illustration

“A lot of market participants are probably waiting on the sidelines to see the tone of the statement but it will be looking for indications from the committee for future policy intentions,” said BNP Paribas Cadiz Securities economist, Jeffrey Schultz.

In fixed income, government bonds were little changed, with yield on 2026 benchmark up.

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