# Rand falls after gloomy Fed outlook - Moneyweb

> The rand weakened on June 11 after the US Federal Reserve projected a 6.5% contraction in the US economy this year and 9.3% unemployment at year-end. The currency moved from a strongest-since-March level of R16.32 to R16.71 per dollar. South Africa's central bank had projected a 7% contraction for the local economy.

- Date: 2020-06-11 · published 2020-06-11T12:00:00.000Z
- Category: macro · region South Africa · magnitude low
- Page: https://feedsoft.ai/events/52910-rand-falls-after-gloomy-fed-outlook-moneyweb
- Commodities: [South African Rand (ZAR per USD)](https://feedsoft.ai/c/USDZAR.md)

## Why it matters

A weaker rand raises the local-currency cost of imported feed ingredients, while a gloomier global outlook supports safe-haven demand for the dollar. The effect is macro rather than grain-specific.

## Read by commodity

- USDZAR: bullish ▲

## Sources

- moneyweb.co.za: https://www.moneyweb.co.za/news-fast-news/rand-falls-after-gloomy-fed-outlook/

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