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The South African Reserve Bank raised its repo rate by 25 basis points to 7.25%, a smaller move than the 50 basis points most economists expected. The rand weakened on the less hawkish guidance.
ETM Analytics suggested the decision marks the peak in rates, with at most one more 25-basis-point hike.
A smaller hike that signals a rate peak can weigh on the rand by reducing its yield appeal, which raises dollar-priced import costs for feed buyers. The effect on feed markets is modest.
brecorder.comReutersJan 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.
