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ING previewed South Africa's budget, which was due to be scrutinised for measures to stop a Moody's downgrade. It noted that gross debt could rise from 61% to over 80% of GDP within a decade without fiscal changes, and that USD/ZAR had moved from 14.00 to about 15.20.
The outcome of the budget and the rating review will determine whether the rand weakens further, which affects import costs for feed buyers in South Africa.
think.ing.comChris TurnerFeb 25, 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.
