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The rand started the week firmer on Monday, with the currency trading at 16.51 per dollar, 0.23% stronger than Friday's close. Risk appetite was supported by hopes of a US fiscal package, Pfizer's comments about a possible vaccine by year-end, and China's GDP growth of 4.9%.
Government bonds also firmed, with the 2030 yield falling to 9.31%.
Rand strength lowers the local cost of imported feed ingredients for South African buyers. The move reflects global risk sentiment, so it could reverse quickly if the stimulus or vaccine news fades.
moneyweb.co.zaOlivia Kumwenda-Mtambo, ReutersOct 19, 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.
