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The South African rand fell almost 2% to about 16.00 per dollar on December 9 after industrial production dropped 8.9% year on year in October, far worse than the 1.4% decline economists expected. The steel and engineering strike was cited as a likely cause.
Current account and mining data were also released that day.
A sharp manufacturing slump weakens South Africa's growth outlook and pressures the rand, which raises the cost of imported feed inputs priced in dollars. The direct effect on feed commodity prices is small.
reuters.comDec 9, 2021Not 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.
