Daily Market Commentary – 20 June

Today we are taking a look at:

·       The Fed out-doves the market and risk assets rally hard. SAGBs opening stronger, focus will be on the SONA tonight

·       The dollar is on the back foot after dovish Fed commentary, this takes the rand to the strongest level in two months

·       Oil rose as U.S. crude stockpiles fell more than forecast and as OPEC’s top producers progressed toward extending output cuts for the rest of the year

·       Global equity markets traded cautiously ahead of the FOMC meeting

·       SA CPI marginally higher in May, core still muted; UK CPI eases; US Fed sounds increasingly dovish amid low inflation and trade uncertainties

If you are looking for more relevant market commentary, have a look at our other Markets and Research.