Rand edges higher as traders eye Fed

JOHANNESBURG – South Africa’s rand edged higher early on Tuesday in cautious trade as investors waited for clues on the next rates decision by the U.S. central bank.

At 0640 GMT the rand was 0.07% firmer at 14.1925 per dollar, helped by some unwinding of long dollar positions and profit-taking following last week’s rally in the greenback.

U.S. Federal Reserve Chairman Jerome Powell addresses Congress on Wednesday before next week’s widely anticipated monetary policy meeting.

Bonds were flat, with the yield on the benchmark 2026 government issue steady at 8.12%. – Reuters