Money SA economy
The rand was stable within its recent ranges in early trade on Tuesday, once again eyeing the euro for direction.
At 9.04am the rand was bid at R7.40 to the dollar from R7.39 at its previous close. It was bid at R10.12 to the euro and R11.12 to the pound. The euro was bid at $1.3684 from $1.3673 previously.
A local trader said he expected the rand to trade in a 7.37 to 7.45 range today. With not much going on, the local currency would continue to watch the euro. "The rand is fairly stable. We are seeing flows from offshore and importer demand to offset that," he added.
The euro is off its highs of Monday of around $1.3750 and all eyes are now on the US Federal Reserve and its comments on interest rates.
Dow Jones Newswires reported the yen is higher against major rivals, which are under some technical pressure, as investors await the results of the Fed's meeting later Tuesday, and the BOJ's policy decision Wednesday.
Investors will be watching for any clues on the future path of Fed policy in the statement following the rate decision. The Fed is widely expected to leave rates unchanged near zero.
In Japan, investors grew cautious ahead of the results from the Federal Reserve and BOJ policy meetings.
