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The rand fell for a second day on Monday to its weakest level in more than a month, as oil prices rose to their highest in over two years and traders worried about slowing Chinese growth. South African breakeven inflation rates rose to levels last seen in June 2019.
China is the largest buyer of South African commodity exports.
Higher oil prices and a weaker rand raise South Africa's inflation outlook and import costs for feed and fuel. Slower Chinese demand would weigh on South African commodity export volumes and prices.
abokifx.comSep 27, 2021Not enough comparable past events yet for a historical read.
After 323 past bullish macro events, Crude Oil (Brent) moved a median +0.7% over 5 sessions (58% higher; middle half -2.9% to +3.7%), and +1.3% 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.
