Currencies

Risk appetite dominates the currency markets.

Commodities

Oil dropped; Precious metals extended gains.

Equities

Global markets take a breather as Trump U-turns on his COVID-19 narrative and the timing of the next US mega stimulus package stumbles in the Senate.

 

DateRegionEventActual/Expected/PriorImplications

23/07

SA

SARB Interest Rate

–/3.50%/3.75%

Expectations that the Reserve Bank will cut interest rates by 25bps at the back of slowing inflation and growth.

24/07

EZ

Manufacturing PMI

–/50.0/47.4

Further expansions expected amid recoveries in activity.

24/07UK
Retail Sales

–/8.3%/12%

Further increases in retail sales expected due to non-essential trade opening in June.

Nedbank CIB Market Commentary | CIBMarketComm@Nedbank.co.za | +27 11 537 4091

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Source: Nedbank

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