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The IG South Africa technical report says the USD/ZAR uptrend was reinforced after the Mid-Term Budget Statement by Finance Minister Malusi Gigaba. The pair reversed from around R13.30 and rallied through short-term targets, with next upside targets at R14.50 and R14.80 per dollar.
The chart analysis shows continued rand weakness, which increases local-currency costs for dollar-priced feed imports. It is technical commentary with no new supply or demand driver for feed commodities.
ig.comShaun MurisonOct 26, 2017Not 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.
