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South Africa's National Treasury reported a February budget surplus of 20.8 billion rand ($1 billion), against a median economist forecast of a 7.5 billion rand deficit. The rand pared an early decline of as much as 1% and traded about 0.1% weaker near 18.93 per dollar.
A surprise surplus eases fiscal pressure on the rand and reduces the currency risk for South African feed importers. The effect on feed prices is small unless the currency moves sustainably.
bloomberg.comMonique VanekMar 28, 2024Not enough comparable past events yet for a historical read.
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.
