The rand was little changed but held a weaker bias against major currencies on Tuesday morning, as markets waited for risk signals from policy makers and data releases. Analysts said global rather than domestic events were expected to move the rand, with market focus on the US Federal open market committee meeting on Wednesday. A Reserve Bank measure of economic expectations for the next six to 12 months was unchanged in May. The Bank’s composite leading business cycle indicator was unchanged at 95.8 in May from April. The composite coincident business cycle indicator‚ which measures current conditions‚ rose 0.1% from April‚ and the composite lagging business cycle indicator‚ measuring past conditions‚ decreased 1.6%. Local focus is also on Statistics SA’s second-quarter labour force survey, which is expected at 11.30am. Foreign exchange markets seemed to be marking time ahead the Fed meeting, Nedbank Corporate Investment and Banking analysts said. Few expected an interest rate adju...
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