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FxWirePro: Daily Commodity Tracker - 21st March, 2022 
A survey by South African Chamber of Commerce and Industry's (SACCI) showed that business confidence in South Africa rose to its highest in four months in November. SACCI's monthly business confidence index (BCI) rose to 93.9 in November.
It is highest reading since August 2016 and compared to 93.0 in the previous month. Improvements in new vehicle sales and manufacturing output were seen as the main support boosting the index.
Ratings agencies Fitch and Moody's, which affirmed South Africa's investment-grade credit rating last month, cited the low level of business confidence as one of the downside risks to growth.
The nation narrowly avoided downgrade to junk credit rating last week by ratings agency Standard & Poor's. S&P's downgraded South Africa's local debt by one notch to BBB on Friday but kept the country's sovereign credit rating unchanged at BBB-, one level above "junk" status, while saying the economy was still struggling.
Africa's most industrialised economy is forecast to grow by 0.5 percent this year. The government has been trying to avert a sovereign rating downgrade to “junk” status that would raise borrowing costs and deter investment.
At 1200 GMT, FxWirePro's Hourly Currency Strength Index US Dollar was neutral at -43.5753. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
