Loading…
The rand hit an 11-week high of R16.73 per dollar on June 5, its strongest since March 18. The move followed an unexpected fall in US unemployment in May and new European monetary stimulus.
Local stocks also rose, with the All-Share index up 2.85%.
A stronger rand lowers the local cost of dollar-priced feed ingredients for South African buyers. The rally is driven by global risk sentiment and US labor data rather than grain fundamentals.
moneyweb.co.zaMfuneko Toyana, ReutersJun 5, 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.
