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CIBC economists expect the USD/ZAR to edge lower because nominal yield spreads remain attractive for the rand. The rand retreated in June as foreign investors unwound holdings, and a Covid third wave forced a return to Stage 4 lockdown with only about 3% of the population vaccinated.
Higher commodity prices improving South Africa's terms of trade support the rand, which lowers the local cost of imported feed ingredients if the forecast holds.
octaafrica.netJul 13, 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.
