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The South African rand traded near R18.46 to the US dollar in early trade on 28 February 2023, pressured by a firmer dollar that was up about 0.2% against a basket of currencies. The central bank had cut its 2023 growth forecast to 0.3% from 1.1% at its first rate meeting of the year.
A stronger dollar and weaker rand raise the local-currency cost of imported feed ingredients for South African buyers. The move is mainly a currency story with little direct effect on global grain or meal prices.
moneyweb.co.zaAlexander Winning, ReutersFeb 28, 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.
