# Rand on back foot ahead of repo rate decision - Moneyweb

> Nedbank expects the South African rand to stay under pressure in 2024 until election and fiscal uncertainties are resolved. The bank said global factors such as Federal Reserve rate cuts could support the currency, with a possible recovery in the second half of the year.

- Date: 2024-01-22 · published 2024-01-22T12:00:00.000Z
- Category: macro · region South Africa · magnitude low
- Page: https://feedsoft.ai/events/32393-rand-on-back-foot-ahead-of-repo-rate-decision-moneyweb
- Commodities: [South African Rand (ZAR per USD)](https://feedsoft.ai/c/USDZAR.md)

## Why it matters

A forecast of continued rand weakness would keep South African imported feed costs elevated in local currency terms. The outlook is a currency view with limited direct effect on global feed commodity prices.

## Read by commodity

- USDZAR: bullish ▲

## Sources

- moneyweb.co.za: https://www.moneyweb.co.za/news/markets/rand-on-backfoot-ahead-of-rate-decision-data/

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