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Credit Suisse lowered its USD/ZAR target to 14.60 from 14.90, citing better global conditions and a rally in metals prices. The bank said it was sceptical that the pair would fall much below that level in the short run.
It pointed to the budget due on February 24 and a recent rise in US real yields as risks.
The forecast suggests the rand is unlikely to strengthen much further in the near term, so local import costs for feed ingredients are unlikely to fall sharply. The impact on global feed prices is minimal.
octaafrica.netFeb 17, 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.
