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The rand was volatile on Wednesday as investor risk aversion grew over renewed European lockdown fears, and it fell sharply as Finance Minister Tito Mboweni delivered the budget. USD/ZAR rose 1.15% during the session, and analysts were sceptical of the government's growth optimism and the R10.5bn allocation to SAA.
Commentary also noted that the budget lacked a concrete plan.
A weaker rand after a doubtful budget raises the local cost of imported feed ingredients for South African buyers. Persistent fiscal concerns could keep the currency under pressure.
poundsterlinglive.comJames SkinnerOct 28, 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.
