Daily Market Commentary Flash Note – 24 July 2020

Currencies

All eyes on the SARB MPC today.

Commodities

Oil held losses near $41 a barrel; Gold traded near $1,900 an ounce.

Equities

Risk-off sentiment across global markets as US-China tensions rise; the next round of US stimulus looks to disappoint; and Big Tech sells off.

 

Date Region Event Actual/Expected/Prior Implications

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.

24/07 UK
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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By | 2020-07-24T08:59:22+02:00 July 24th, 2020|Markets and Research|0 Comments

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