Loading…
Investec says Moody's downgrade of South Africa to sub-investment grade came as the country faces the Covid-19 pandemic and a global shutdown. The analysis expects the downgrade to weigh on the local bond market and the rand, and notes the exit from the Russell/FTSE bond index has been postponed to the end of April.
Continued bond outflows and index-driven selling are likely to keep the rand under pressure, which lifts the dollar cost of dollar-priced imports for South African buyers.
investec.comPatrick LawlorMar 31, 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.
