The rand seems to be happy in the R14.30 to R14.50 range that it's currently in, says TreasuryONE's Senior Dealer, Andre Botha.

"The steadiness in the rand is due to the placid trading of the US dollar and an overall sense of calm in the market. This gives one the sense that there could be some movement after the US Fed press conference tomorrow, and the market is just sitting on their hands.

"The possibility that the Fed will stay dovish and stop the drain of US dollar liquidity could mean that EM will be in the pound seats. However, the rand faces headwinds in the form of the current spate of load-shedding, which will start to weigh more heavily on the rand the longer it continues.

"The longer it continues the more of an effect it will have on the South African economy and will irk rating agencies which will be rand negative in the long run.

"The headwinds could subdue the gain that could come from a dovish Fed.”

Stocks drift ahead of Fed; dollar steadies

Andreea Papuc, Bloomberg

Equities in Asia drifted Tuesday as traders awaited central bank meetings amid expectations of dovish signals to monetary policy.

The dollar steadied after recent declines, while the yen edged higher. Stocks posted modest losses in Japan, China and Hong Kong and were little changed in Australia.

US equity futures ticked higher after the S&P 500 Index climbed to a five-month high Monday. European equity futures were mixed.

The pound pared losses that came after the speaker of Parliament blocked another vote on Prime Minister Theresa May’s current Brexit plan.

The yield on 10-year Treasuries nudged lower to just under 2.6%. Australia’s three-year bond yield slid below the 1.5% policy rate for the first time since September 2016.

A dovish tilt from the world’s central banks has helped global equities rally to the highest since October. Expectations are that the Fed will point the way to just one rate hike in 2019 when it meets Wednesday.

The Bank of England also meets this week and is seen holding rates steady.

“We are on higher alert because of the potential for a sentiment swing to do very quick damage in the markets,” said Michael McCarthy, chief market strategist at CMC Markets in Sydney. “The just-right conditions are unlikely to last very long. It means whichever way growth moves, up or down, we could see negative reactions from risk assets, and particularly share markets.”

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