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The South African rand climbed to a 13-month high on Friday, trading as much as 0.8% stronger at 17.5965 per dollar. The currency is up 4.3% this year, among the best performers in emerging markets.
A stronger rand lowers the local-currency cost of dollar-priced grain and oilseed imports into South Africa, supporting feed affordability, while the move reflects easing global rate expectations.
bloomberg.comMpho HlakudiAug 30, 2024Not enough comparable past events yet for a historical read.
After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
