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The rand weakened to about 18.42 per dollar on 24 February 2023 after the Financial Action Task Force added South Africa to its grey list. The rand briefly hit a 2023 low of 18.485 before recovering somewhat, as the dollar index reached a seven-week high on strong US data.
Grey-listing is likely to raise banks' cross-border funding costs and transaction expenses, which feed into import costs for South African buyers. The currency effect is the main near-term price channel.
kitco.comFeb 24, 2023Not enough comparable past events yet for a historical read.
After 2,356 past bullish macro events, DXY 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.
