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The rand has fallen more than 7% since June 4, from near R13.43 per dollar to about R14.40, becoming the worst-performing emerging market currency after the Fed signalled earlier rate hikes. Covid Level 3 restrictions and Eskom load shedding also weighed on the currency.
A sharply weaker rand raises the rand cost of imported feed ingredients and grains for South African buyers, while a stronger dollar tends to pressure dollar-denominated commodity prices.
moneyweb.co.zaSuren NaidooJun 21, 2021Not enough comparable past events yet for a historical read.
After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% 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.
