Daily Market Commentary Flash Note January 20, 2021

Currencies	USD weakness dominates.
Commodities	Oil extended gains in Asia; Gold gained as the dollar eased.
Equities	Yellen pushes for more US stimulus; Alibaba +6%, reacting to Jack Ma resurfacing after weeks away from the public eye; all focus will remain on the flood of US earnings and central bank activity in the latter half of this week.

Date	Region	Event	Actual/Expected/Prior	Implications
20/01	UK	CPI	–/0.5%/0.3%	Acceleration expected in December at the back of higher fuel prices.
21/01	SA	Retail sales	–/1.0%/-0.2%	Consumer spending still limited due to the pandemic, limiting retail spend.
21/01	SA	SARB Interest Rate	–/3.5%/3.5%	Expected to remain unchanged.
22/01	UK	Retail Sales	–/4.0%/2.4%	Rebound expected in December as non-essential sales reopened.
22/01	UK/EZ	PMI	—	Drop expected due to stricter containment measures.