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The rand gained nearly 6 cents against the dollar to R13.16 on Friday as the greenback slipped after strong US second-quarter GDP growth. South African Reserve Bank governor Kganyago said the economy was unlikely to enter a second consecutive quarter of contraction, and Chinese President Xi pledged $14.7 billion in investment.
A stronger rand lowers the local cost of dollar-priced feed ingredients, while the broad dollar softness is mildly supportive for dollar-denominated commodity prices.
iol.co.zaPhilippa LarkinJul 30, 2018Not enough comparable past events yet for a historical read.
After 1,637 past bearish macro events, US Dollar (Broad) 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.
