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The South African rand extended gains after the Reserve Bank raised its repo rate from 4% to 4.25%, in line with market expectations. Two of five MPC members voted for a larger increase to 4.50%.
The bank raised its inflation forecasts, which are now above the 3-6% target band.
Higher-than-expected inflation and a hawkish policy path support the rand, which lowers local-currency costs of dollar-priced feed imports. The rate decision has limited direct effect on world feed prices.
poundsterlinglive.comJames SkinnerMar 24, 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.
