South Africa's rand rises on cautious Fed, eyes down for SARB rate hike

South Africa's rand firmed up on Thursday after the U.S. Federal Reserve kept interest rates on hold and sounded cautious on the outlook, giving investors leeway to put money back into emerging markets. The Fed kept interest rates unchanged as expected and said the U.S. economy was still on track for moderate growth and a stronger labour market even with "gradual" rate increases. "The market’s response to the Fed statement has been as mixed as the message itself, but emerging markets have