The rand oscillated around the R13/$ mark on Wednesday morning, reflecting generally subdued price action across the currency markets. The dollar was in a relatively stable range, after falling fairly sharply against a basket of currencies over the past week amid uncertainty over whether the US Federal Reserve would increase interest rates again later in the year. So far in 2017, the world’s most influential central bank lifted rates by a cumulative 50 basis points, but the release of some disappointing economic data recently has cast doubt on the Fed’s outlook. Higher US rates have the potential to reduce the appeal of higher-yielding currencies, including the rand. The US Fed wraps up its two-day policy meeting later in the day, but is expected to keep rates on hold. Markets expect the Fed to announce plans to wind down its bond-buying programme, which has been in place since the 2008-09 global financial crisis. "Markets continue to bide their time as we await the [US Fed] policy ...
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