South African rand stable, markets focus on Fed rate cut
Updates prices to reflect afternoon trade
JOHANNESBURG, Sept 17 (Reuters) -The South African rand held steady on Tuesday, with investor focus on Wednesday's U.S. Federal Reserve policy decision which could see it deliver a big interest rate cut.
At 1501 GMT, the rand traded at 17.635 againstthe dollar ZAR=D3, not far from its Monday closing level of 17.6225.
Markets are certain the Fed will cut rates when it makes its policy announcement on Wednesday and are leaning towards more aggressive easing in the world's biggest economy.
"Markets have started positioning themselves for a 50bps (basis points) rate cut by the Fed," said Andre Cilliers, currency strategist at TreasuryONE.
Like other risk-sensitive currencies, the rand often takes cues from global drivers like U.S. monetary policy in addition to domestic factors.
On Wednesday, local investors will look to South Africa's August consumer inflation figures ZACPIY=ECI and on Thursday, the South African Reserve Bank will announce its policy decision ZAREPO=ECI.
Economists polled by Reuters predict a 25-basis-point rate cut by the central bank of Africa's most industrialised economy.
On the stock market, the Top-40 .JTOPI index closed 1.2% higher.
South Africa's benchmark 2030 government bond ZAR2030= was weaker, as the yield rose 3basis points to 8.855%.
Reporting by Tannur Anders with additional reporting by Bhargav Acharya; Editing by Emelia Sithole-Matarise and Vijay Kishore
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