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The rand weakened and bond yields rose after Moody's cut South Africa's 2020 growth forecast to 0.7% and warned of domestic challenges. The rand briefly traded above 15 per dollar, and a downgrade to junk at the March review could trigger bond and stock outflows.
A junk downgrade would likely drive further rand weakness and raise the cost of imported feed inputs for South African buyers.
dailymaverick.co.zaBloombergFeb 17, 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.
