# South African rand jumps as Fed's Powell signals lower rates

> The rand jumped about 1.8% to 17.71 per dollar after Federal Reserve Chair Jerome Powell signalled an interest rate cut next month. The move followed his dovish remarks.

- Date: 2024-08-23 · published 2024-08-23T12:00:00.000Z
- Category: macro · region South Africa · magnitude low
- Page: https://feedsoft.ai/events/29087-south-african-rand-jumps-as-fed-s-powell-signals-lower-rates
- Commodities: [South African Rand (ZAR per USD)](https://feedsoft.ai/c/USDZAR.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Expectations of Fed easing weaken the dollar, which lowers the rand cost of dollar-denominated feed imports and supports emerging-market currencies.

## Read by commodity

- DXY: bearish ▼
- USDZAR: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2021-08-27 | [Gold jumps after Fed's Powell fails to signal taper timeline](https://feedsoft.ai/events/45479-gold-jumps-after-fed-s-powell-fails-to-signal-taper-timeline.md) | -0.9% | -0.0% |
| DXY | 2024-10-11 | [South African rand rises after U.S. data fuels Fed rate cut bets \| CNBC Africa](https://feedsoft.ai/events/28156-south-african-rand-rises-after-u-s-data-fuels-fed-rate-cut-bets-cnbc-africa.md) | +0.7% | +2.0% |
| DXY | 2023-04-13 | [UPDATE 1-South African rand jumps as dollar slips on U.S. producer prices \| Kitco News](https://feedsoft.ai/events/36688-update-1-south-african-rand-jumps-as-dollar-slips-on-u-s-producer-prices-kitco.md) | +0.3% | -0.4% |
| DXY | 2025-08-22 | [Commodity Prices Surge As Powell Signals September Fed Rate Cut \| FXEmpire](https://feedsoft.ai/events/23247-commodity-prices-surge-as-powell-signals-september-fed-rate-cut-fxempire.md) | -0.7% | -1.1% |
| DXY | 2024-07-31 | [Stocks rise; yields, dollar lower as Fed signals rate cut](https://feedsoft.ai/events/29141-stocks-rise-yields-dollar-lower-as-fed-signals-rate-cut.md) | -0.5% | -1.9% |

## Sources

- reuters.com: https://www.reuters.com/world/africa/south-african-rand-firms-traders-wait-powell-speech-2024-08-23/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.