# Rand spikes on ECB president Draghi’s tapering comments, Brazil’s unfolding crisis

> The rand spiked to R13.07 per dollar on Wednesday after ECB President Mario Draghi signaled a possible taper of bond purchases, which hit risk currencies. The rand also weakened on Tuesday as emerging-market currencies fell on a political crisis in Brazil.

- Date: 2017-06-28 · published 2017-06-28T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/70778-rand-spikes-on-ecb-president-draghi-s-tapering-comments-brazil-s-unfolding
- Commodities: [South African Rand (ZAR per USD)](https://feedsoft.ai/c/USDZAR.md), [Euro (USD per EUR)](https://feedsoft.ai/c/EURUSD.md), [Brazilian Real (BRL per USD)](https://feedsoft.ai/c/USDBRL.md)

## Why it matters

Stronger European rates expectations and a weaker rand raise import costs for South African buyers. The Brazil political stress also weighs on emerging-market currencies that affect Brazilian feed and soy exports.

## Read by commodity

- EURUSD: bullish ▲
- USDBRL: bullish ▲
- USDZAR: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| EURUSD | 2017-09-07 | [Euro soars higher as ECB's Draghi comments on currency's strength](https://feedsoft.ai/events/69156-euro-soars-higher-as-ecb-s-draghi-comments-on-currency-s-strength.md) | -0.4% | -1.5% |
| EURUSD | 2023-07-01 | [Dollar weaker after data burst, euro rises on ECB comments](https://feedsoft.ai/events/35680-dollar-weaker-after-data-burst-euro-rises-on-ecb-comments.md) | +0.7% | +0.9% |
| EURUSD | 2021-10-28 | [Dollar index drops on euro rise after ECB comments](https://feedsoft.ai/events/7166-dollar-index-drops-on-euro-rise-after-ecb-comments.md) | -0.1% | -2.6% |
| EURUSD | 2018-10-25 | [Euro rises versus dollar after ECB's Draghi predicts inflation pick up](https://feedsoft.ai/events/62753-euro-rises-versus-dollar-after-ecb-s-draghi-predicts-inflation-pick-up.md) | -0.5% | -0.5% |
| EURUSD | 2026-07-30 | [Euro Rises on Strong Eurozone Data and ECB Rate Hike Bets](https://feedsoft.ai/events/7685-euro-rises-on-strong-eurozone-data-and-ecb-rate-hike-bets.md) | +1.4% | +2.3% |
| USDBRL | 2016-11-09 | [Brazil takes a hit as Trump elected US president - BNamericas](https://feedsoft.ai/events/5469-brazil-takes-a-hit-as-trump-elected-us-president-bnamericas.md) | +7.5% | +6.3% |
| USDBRL | 2018-06-28 | [How a Rising U.S. Dollar Puts Argentina's and Brazil's Economies at Risk](https://feedsoft.ai/events/64805-how-a-rising-u-s-dollar-puts-argentina-s-and-brazil-s-economies-at-risk.md) | +1.8% | -3.2% |
| USDBRL | 2018-07-18 | [Brazil: Presidential race about to start - Rabobank - Forex Crunch](https://feedsoft.ai/events/64234-brazil-presidential-race-about-to-start-rabobank-forex-crunch.md) | -3.2% | +0.6% |

## Sources

- biznews.com: https://www.biznews.com/briefs/rand-ecb-president-draghi-brazil-crisis

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.