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The rand held near 14.99 per dollar after a sharp fall the previous day, when Finance Minister Mboweni cut growth forecasts and projected debt above 70% of GDP and a 5.9% deficit. Traders expected Moody's to move South Africa to negative watch or downgrade it, possibly costing the country its last investment-grade rating.
Currency weakness and a possible downgrade raise South African import costs for dollar-priced feed inputs, and may tighten local credit. The effect on world feed prices is small.
moneyweb.co.zaMfuneko Toyana, ReutersOct 31, 2019Not 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.
