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The rand slipped on Monday to about 18.66 per dollar as US Treasury yields rose and Fed Chair Powell reaffirmed that further rate hikes may be needed. Analysts said the rand often follows US monetary policy in the absence of local drivers.
The BRICS summit expansion was also cited as a risk factor.
Expectations of further US rate hikes support the dollar and weigh on emerging-market currencies such as the rand. This adds to the cost of dollar-priced feed imports for South African buyers.
moneyweb.co.zaTannur Anders, ReutersAug 28, 2023Not 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.
