The rand was a little firmer against the dollar on Wednesday before midday as currency markets mostly moved sideways in anticipation of the US Federal Reserve Bank’s policy statement later in the day. TreasuryOne dealer Phillip Pearce said the best way to describe the market is that "it’s pretty much flat-lined" over the week. "We’ve seen the rand drift higher, but that’s a function of the lack of impetus from the market to do anything." The wait for the for Fed statement, which is expected to further inform investors about its plans with its bond-buying programme and future interest-rate actions, has caused markets to trade cautiously since the beginning of the week. An interest-rate increase tonight would surprise the market, but one is expected later in the year. "The market views the probability of a rate hike by December as 50-50, but chances on a hike tonight sit at 8%," said Pearce. At 11.30am, the rand was at R13.0505 to the dollar from R13.0783, at R15.1691 to the euro from...
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