The rand was stronger against major global currencies on Wednesday afternoon, as investors treaded cautiously ahead of the main risk event: the US Federal Reserve’s federal open market committee statement.The Fed is widely expected to keep rates on hold, but the tone of its commentary will be closely watched, as the market prices in the possibility of a fourth interest-rate increase in 2018.The rand, along with other currencies, has fallen victim to the resurgent dollar this week.Chances are that the Fed will not stray too far from previous messaging and, if it decides to warn of the possibility of a fourth interest-rate increase, it will probably do so only in the economic projections in June, Oanda analyst Craig Erlam says..Earlier, the rand was buoyed slightly by further signs that business confidence in SA was picking up.After falling sharply in March, the Absa Purchasing Managers Index (PMI) beat analysts expectations in April, when it rose above the neutral 50-point mark again...
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