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The rand rose more than 1% to R16.46 per dollar on Tuesday, its best level since June 10, in a broad emerging-market rally. The move followed EU leaders agreeing a 750 billion euro fund to support coronavirus-hit economies.
Analysts said the rand was supported by a search for yield, though local fundamentals were weak.
The EU recovery fund lifts global risk appetite, but its effect on feed commodity prices runs through broader demand expectations rather than direct flows.
moneyweb.co.zaMfuneko Toyana, Promit Mukherjee, ReutersJul 21, 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.
