Rand still stuck in a range

The rand continued to trade in a tight range by midday on Monday with very little economic data to provide direction.

At 11.25am the rand was bid at R7.42 from R7.38 to the dollar at its previous close. It was bid at R10.18 to the euro and R11.19 to the pound. The euro was bid at $1.3715 from $1.3773 previously.

A local trader said: "We are in the same position as last week, in a range of R7.36-R7.46 against the dollar. We need to break through those levels to see any real action."

Dow Jones Newswires reported that in the European foreign exchanges, the dollar was modestly firmer.

The euro weakened to $1.3731 at 09:00 GMT, down from $1.3769 in New York on Friday.

The dollar was at ¥90.67 up from ¥90.57.

Investors will be watching the Fed's policy statement on Tuesday for any clues on when it will move from its ultra-easy monetary policy.

The central bank is widely expected to leave rates unchanged near zero, and retain its commitment to leave rates on hold for an extended period.