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USD/ZAR was consolidating after the Jackson Hole symposium, with the dollar slightly firmer against the rand. Foreign investors pulled R2.87 billion from South African stocks in the prior week, and bond outflows were similar.
Local inflation came in below expectations, which may push the central bank toward easing.
Foreign portfolio outflows and expected SARB easing both point to continued rand weakness, which raises the rand cost of dollar-denominated feed imports. The effect is modest, as the outlook is mixed.
ig.comWarren VenketasAug 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.
