* Rand stuck in range, Fed statement has investors on
sidelines
* Bonds close little changed, some buying in long end
* Gold output records biggest y/y drop in at least a year
JOHANNESBURG, March 13 (Reuters) – The rand was steady
in its recent range on Tuesday, with investors awaiting comments
from U.S. Federal Reserve at 1815 GMT, especially on any fresh
monetary stimulus measures which could pump more cash into the
global economy and buoy emerging markets.
The rand was flat at 7.55 to the dollar at 1537 GMT.
It traded in a tight 6 cent range in the session and within last
week’s levels.
The rand has first support close to the 7.64 level, which if
breached would open up the 7.68 region that the unit bounced
from last week. Charts show resistance around the 7.47 area.
Any surprises in retail sales data on Wednesday could also
push investors to take clear positions. The data is due at 1100
GMT and expectations are for lower sales growth in January.
Government bonds were barely moved even after a good sale of
2017, 2021 and 2036 government
debt, where the 2036 issue received the most demand on Tuesday.
Dealers said they were wary of taking positions ahead of the
Federal Reserve statement.
Continued…
