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The rand weakened on Tuesday as the dollar crept higher ahead of Fed Chair Powell's congressional testimony, and was about 1% weaker after steep losses the prior week. Johannesburg stocks were roughly flat and the 2030 government bond yield was unchanged at 9.065%.
Currency moves tied to Fed rhetoric drive the cost of dollar-priced feed imports for South African buyers, though this is routine market movement with no new supply or demand driver.
brecorder.comReutersJun 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.
