Daily Market Commentary: 12 July 2019

·       A bull steepener as a result of a highly dovish Fed, as local markets price in SARB rate cut

·       USDZAR holds steady sub 14.0000

·       Oil headed for its biggest weekly gain in three weeks as simmering Middle East tensions, shrinking inventories and a storm in the Gulf of Mexico all conspired to threaten the supply outlook

·       The JSE and European markets end lower, while the Dow and S&P 500 close at record highs

·       SA mining and manufacturing industries remain downbeat; US CPI eases sharply

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