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Goldman Sachs downgraded its South African rand forecasts, saying the high-growth phase of the post-Covid recovery has passed. The bank described the rand as one of the most volatile and highest-beta emerging-market currencies.
The rand had been among the worst performers in emerging-market FX that week after strong gains in late August and early September.
A forecast downgrade signals expectations of a weaker rand, which raises the local cost of dollar-priced grain and feed imports. The rand's high beta also means it will swing with global risk sentiment.
poundsterlinglive.comGary HowesSep 22, 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.
