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The rand rallied on July 27 to R17.47 per dollar as the dollar extended its post-Fed losses. The Fed had raised rates a quarter point as expected, but traders read Powell's comments as the end of tightening.
South African producer inflation also slowed sharply in June to 4.8% from 7.3%.
A firmer rand and easing inflation lower the dollar cost of imported feed inputs for South African buyers, while a weaker dollar supports dollar-priced commodities.
moneyweb.co.zaTannur Anders, ReutersJul 27, 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.
