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The rand recovered some of its budget-related losses during European trade after Fitch Ratings warned that planned public sector wage freezes will face pushback from unions and that ANC tensions could hamper policy. The rand closed about 0.04% stronger at R16.34 per dollar, while Brent crude fell 3.24% to $37.90 a barrel on new Western lockdown measures.
A weaker rand raises the local cost of imported feed inputs such as corn and soymeal for South African buyers, while lower crude weighs on energy-linked costs. The move here was small, so the price effect is limited.
iol.co.zaOct 30, 2020Not 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.
