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Nedbank says the rand is undervalued but expects it to weaken over the rest of 2022. It cites tighter global monetary policy, the risk of recession and a narrowing of South Africa's trade and current account surpluses.
Most of South Africa's major commodity export prices fell over the past month, apart from coal.
A weaker rand would raise the local-currency cost of imported feed inputs. Falling South African commodity export prices also point to softer terms of trade.
economy24.co.zaGeoffrey BaileyMay 30, 2022Not 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.
