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The rand gained nearly 1% to R14.37 per dollar on Wednesday ahead of the US Federal Reserve decision, which was expected to hold rates and reduce projected hikes. Domestic data showed February inflation at 4.1% and retail sales growth of 1.2% year-on-year in January.
A dovish Fed tends to weaken the dollar and support emerging-market currencies, which is a macro backdrop for feed import costs in South Africa with limited direct effect on grain prices.
moneyweb.co.zaTiisetso Motsoeneng, ReutersMar 20, 2019Not enough comparable past events yet for a historical read.
After 1,637 past bearish macro events, DXY moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% over 20.
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.
