South Africa's rand softer ahead of Fed speech

Speaking at the Economic Club of New York, Dr Yellen stuck to the same cautious tone that characterised her news conference following the Fed's policy meeting two weeks ago, saying the central bank wanted to take a deliberate approach as it considers raising interest rates again.

The dollar index, which tracks the USA currency against a basket of rivals, was almost flat at 95.976 below Monday's almost two-week high of 96.399.

"After the optimistic comments we had from other Fed officials in the recent past, we expect Yellen to be more balanced compared to a very dovish Fed statement", said Yujiro Gato, currency strategist at Nomura.

Trading was relatively quiet with markets in Hong Kong, Australia and New Zealand closed for the Easter break.

The data indicated that the Fed may raise interest rates only gradually this year, despite the tightening labor market.

The U.S. Stock Futures opened the day negatively, signalling a softer trading pace for the U.S. equities.

About 35 minutes into trade, the Dow Jones Industrial Average was at 17,500.57, down 34.82 (0.20 percent).

Shares of banks, which stand to gain from an increase in interest rates, were the biggest drags on the S&P 500, led by Wells Fargo's 1.5 percent decline.

In commodities, oil prices fell below $40 per barrel on indications that the stock reserves in the US could hit a record high. In the 12 months through February, the so-called core PCE price index increased 1.7 percent after a similar increase in January. The data offset a report from Friday that showed the economy grew faster than previously reported last quarter which revived the prospect of a Fed rate hike.

Analysts also said traders were awaiting comments from Fed Chair Janet Yellen on Tuesday.

Chipotle was down 2 percent at $466.80 after Wedbush downgraded the stock to "underperform".

Personal income rose by a seasonally adjusted 0.2%, above forecasts for a 0.1% gain.

Meanwhile, Bank Indonesia's benchmark rupiah rate (Jakarta Interbank Spot Dollar Rate, abbreviated JISDOR) depreciated 0.55 percent to IDR 13,323 per United States dollar on Monday (28/03).

The euro fell 0.1 per cent to $1.1178 while the Japanese yen fell 0.2 per cent to 113.62.

"Given the risks to the outlook, I consider it appropriate for the Committee to proceed cautiously in adjusting policy", she said.

"Batman v Superman" Had Record Weekend at Box OfficeThe movie's budget was a staggering $250 million (and marketing cost another $150 million), so the opening barely covered costs. It was the big tentpole movie Warner Bros . and DC Comics were betting on to launch their Cinematic Universe.

Source: South Africa's rand softer ahead of Fed speech