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South Africa's 2018 budget, delivered by Finance Minister Malusi Gigaba, proposed cutting R85bn in spending over three years and raising VAT from 14% to 15%. Analysts expected the budget might be enough to delay a Moody's downgrade, which was due by March 23.
The rand held its gains after the release.
Fiscal tightening and the reduced downgrade risk support the rand, which lowers import costs for South African feed ingredients. The impact on global grain and meal prices is minimal.
ig.comShaun MurisonFeb 22, 2018Not 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.
