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The rand extended gains on July 25 to 17.6575 per dollar, about 0.5% stronger, after China's top leaders pledged more support for the economy. The rand was up more than 6% in July, recovering from a record low in early June.
Rand Merchant Bank expected South Africa's leading business cycle indicator to fall further in May.
Chinese stimulus lifts global risk appetite and supports South African currency and commodity demand, which lowers the local cost of dollar-priced feed inputs.
brecorder.comReutersJul 25, 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.
