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The rand strengthened to its firmest level in more than 15 months against the dollar, trading near 13.10 per dollar after closing at 13.34 in New York. The move followed improved risk appetite, South African jobs data showing unemployment falling from a 13-year high, and a weaker dollar after the resignation of US National Security Adviser Michael Flynn.
Local stocks fell, dragged down by Kumba Iron Ore.
A stronger rand lowers the local-currency cost of rand-priced imports and makes dollar-priced feed ingredients cheaper for South African buyers. The move is mainly technical and sentiment-driven, so the effect on feed prices is limited.
moneyweb.co.zaMfuneko Toyana, Tanisha Heiberg, ReutersFeb 14, 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.
