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The rand firmed against the dollar on Wednesday, trading at 11.85 per dollar, after South Africa's trade surplus widened in December to R15.72 billion. Markets also watched reports that ANC leaders would meet President Zuma to discuss options to avoid impeachment or a forced exit.
A stronger rand and weaker dollar lower the local cost of imported feed inputs for South African buyers, while a weaker dollar generally supports dollar-priced commodities. Currency moves have little direct effect on world grain or meal prices.
moneyweb.co.zaTiisetso Motsoeneng, Olivia Kumwenda-Mtambo, ReutersJan 31, 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.
