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The rand fell on Thursday, extending the previous day's losses, as the dollar rose to a three-week high after Federal Reserve minutes signalled interest rates would stay higher for longer. Weak June South African retail sales also weighed on the currency.
Higher-for-longer US rates keep the dollar firm, which raises the rand cost of imported feed ingredients and supports the dollar-priced market for grains and oilseeds.
cnbcafrica.comReutersAug 19, 2022Not 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.
