# Citi takes profits in SA currency trade - Moneyweb

> Citigroup booked a profit of 1.26% of notional value on its three-month USD/ZAR put spread between R14.00 and R14.50, which it had bought on January 20. The rand had touched a new one-year high of R14.43 in thin trade. Citi said weak growth and fiscal pressures could eventually weigh on the currency.

- Date: 2021-02-16 · published 2021-02-16T12:00:00.000Z
- Category: macro · region South Africa · magnitude low
- Page: https://feedsoft.ai/events/48935-citi-takes-profits-in-sa-currency-trade-moneyweb
- Commodities: [South African Rand (ZAR per USD)](https://feedsoft.ai/c/USDZAR.md)

## Why it matters

Profit-taking by a major bank can signal that the rand's rally is maturing, which could mean less support for the currency and higher local feed import costs later. The direct effect on feed prices is small.

## Sources

- moneyweb.co.za: https://www.moneyweb.co.za/news/international/citi-takes-profits-in-sa-currency-trade/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.