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The rand weakened against a stronger US dollar in early trade on Tuesday, trading at R18.89 per dollar, while investors awaited South Africa's medium-term budget policy statement. The dollar was slightly higher against a basket of currencies.
A weaker rand raises the local cost of dollar-priced grain and feed imports, so buyers in South Africa face higher landed feed costs; the budget outcome could shift the currency's direction.
moneyweb.co.zaAnait Miridzhanian, ReutersOct 31, 2023Not enough comparable past events yet for a historical read.
After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% 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.
