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South Africa's rand slipped to a two-week low of 13.1150 per dollar after Moody's said the central bank's July 20 rate cut signalled growing political pressure on monetary policy. Moody's kept South Africa's debt at investment grade with a negative outlook.
The JSE All-Share index hit a record high, helped by rand-sensitive exporters.
A weaker rand raises the local-currency cost of imported feed ingredients such as soymeal and corn, while Moody's warning raises the risk of a future downgrade that could weigh on the currency further.
moneyweb.co.zaMfuneko Toyana, TJ Strydom, ReutersJul 31, 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.
