USDZAR loses ground.
Commodities Oil is heading for the first weekly loss since late April; Gold headed for the first weekly gain.


Markets address the disconnect between asset prices and real economies as the economic damage of the pandemic and fears of a second wave see US markets tumble.

Manufacturing production contracted 5.4% y/y in March, from -2.3% in February, worse than consensus of -4.9%.

Date Region Event Actual/Expected/Prior Implications
11/06 SA Manufacturing Production -/-52.5%/-2.1% April manufacturing production expected to have dropped 52.2% on a monthly basis at the back of lockdown restrictions imposed.
12/06 EZ Industrial production –/-28.3%/-12.9% Sharp decline expected in industrial production, resultant from lockdown restrictions imposed.
12/06 UK GDP –/-10.1%/0.1% Expected to drop by 17% on the month, due to effects of the coronavirus pandemic.
12/06 UK Industrial production –/-19.3%/-8.2%

Industrial production expected to have slowed to -19.3% on an annual basis due to the covid-19 pandemic.

12/06 UK Manufacturing Production –/-19.9%/-9.7% Expected to have slowed to 19.9% on an annual basis.

Nedbank CIB Market Commentary | | +27 11 537 4091


Source: Nedbank

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