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The rand firmed over 1% to 13.32 per dollar after President Ramaphosa announced that China would invest $14.7 billion in South Africa. Traders also noted a sliding greenback lifted most emerging market currencies.
Foreign investment inflows support the rand, lowering import costs for South African feed buyers, while the weaker dollar has a modest bullish effect on dollar-priced commodities.
moneyweb.co.zaMfuneko Toyana, ReutersJul 24, 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.
