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The rand fell early on Thursday as the dollar firmed after the Federal Reserve raised US interest rates. Investors also awaited details of amendments to South Africa's Mining Charter, which could face legal challenges if mining companies object.
A firmer dollar and a weaker rand raise the rand cost of imported feed ingredients and add some pressure on South African feed costs. The currency move is driven mainly by US rate policy rather than grain fundamentals.
moneyweb.co.zaNomvelo Chalumbira, ReutersSep 27, 2018Not enough comparable past events yet for a historical read.
After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% 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.
