Daily Market Commentary Flash Note January 25, 2021

Currencies	Risk appetite diminishes as safe-haven demand leaves rand on the back foot to end the week.
Commodities	Oil held losses near $52; Precious metals higher.
Equities	Top40 -0.14%; it was a more muted end to the week as stimulus optimism fizzled out as the USD strengthened.

Date	Region	Event	Actual/Expected/Prior	Implications
22/01	UK	Retail sales	2.9%/4.0%/2.4%	Retail sales grew by 2.9% y/y weaker than consensus for 4.0%.
22/01	UK	Services PMI	38.8/45.0/49.4	Fell to 38.8, below consensus of 45.0 due to lower business and consumer spending.
26/01	UK	Unemployment rate	–/5.2%/4.9%	Rise in the unemployment rate expected due to further lockdown restrictions.
26/01	US	Consumer confidence	–/89.0/88.6	Fiscal stimulus package would likely promote consumer confidence.
27/01	US	FOMC interest-rate policy	–/0.25%/0.25%	No change expected.