Picture: 123RF/LEON SWART
Picture: 123RF/LEON SWART

The rand was little changed on Wednesday morning against major global currencies, as markets waited for direction.

This could come from the US Federal Reserve, which is set to announce its stance on monetary policy after local markets close. The Fed is not expected to change interest rates, but its forward guidance will be closely scrutinised.

The dollar has weakened over the past 10 days due to market expectations of a dovish stance by the bank, said London Capital Group analyst Jasper Lawler.

At 10.01am the rand was flat at R14.4814/$ and R16.4402/€, while it had firmed 0.29% to R19.1773/£. The euro was little changed at $1.35.

There is also some local data to give the market direction on Thursday. Consumer inflation for February came in as expected, rising 4.4% year on year in that month.

Retail sales numbers for January are due at 1pm, with markets expecting year-on-year growth of 1.1%.