CAPE TOWN – The rand traded almost directionless against the dollar ahead of the interest rates announcement bu the US Federal Reserve on Thursday.
At 5pm the domestic currency was bid 4c weaker than Wednesday’s same time bid at R14.02 a dollar. Against the pound the rand was widely unchanged at R18.37 as well as with the euro the at R16.03.
Senior currency dealer at TreasuryONE Andre Botha said the US Fed announcement would be a non-event and that most of the market moves will be as a result of the hangover from Wednesday.
“We have the US Fed announcement tonight regarding their interest rate and we expect the rate to stay unchanged.”
On a more domestic focus manufacturing production recovered notably in the third quarter, despite low confidence levels and many headwinds.