Daily Market Commentary Flash Note – 27 July 2020

Currencies

Rand posts marginal gains over the weekend.

Commodities

Oil edged lower after a weekly gain; Spot gold climbed to an all-time high.

Equities

Gold hits new highs on increased US-China tensions, and fears of a second wave of infections keep global sentiment muted.

 

Date Region Event Actual/Expected/Prior Implications

28/07

US

Consumer Confidence

–/94.4/98.1 Expectations that the Reserve Bank will cut interest rates by 25bps at the back of slowing inflation and growth.

29/07

SA

CPI

–/2.2%/2.1%

Headline inflation forecast to remain below SARB lowest target band of 3%.

30/07 US
GDP

–/8.3%/12%

FEconomy expected to have slowed by 35%, attributed to slowing consumer spending and low trade levels.

31/07 EZ GDP –/-12.0%/-3.6%

Expected that the economy will contract by 12% at the back of covid-19 containment measures.

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

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Source: Nedbank

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By | 2020-07-27T08:53:35+02:00 July 27th, 2020|Markets and Research|0 Comments

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