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The rand weakened against the dollar early on Wednesday as investors worried about global growth ahead of Fed Chair Powell's congressional testimony. The rand traded at 16.0050 per dollar and the dollar index rose 0.34% to 104.79.
Markets were also awaiting May South African CPI, expected to rise to 6.2%.
A weaker rand raises the local cost of imported feed ingredients, while a stronger dollar tends to pressure dollar-denominated commodity prices. Pricing effects are limited to currency moves.
brecorder.comReutersJun 22, 2022Not 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.
