Daily Market Commentary Flash Note – 23 February 2021

CurrenciesGlobally softer USD provides boost for majors and EM currencies.
Commodities Brent oil climbed above $65 a barrel; Copper climbed above $9,000 a tonne.
EquitiesInflationary fears are driving commodity prices higher given the weaker outlook for the USD; this bodes well for SA’s trade terms.
DateRegionEventActual/Expected/PriorImplications
22/02USLeading Index0.5%/0.4%/0.4%The leading index rose by 0.5% in January to 110.3.
23/02USConsumer Confidence–/90.0/89.3Preliminary consumer confidence released by the University of Michigan signalled that consumer confidence dropped in February.
23/02SAUnemployment–/31.5%/30.8%Unemployment rate is expected to increase.
23/02UKUnemployment–/5.1%/5.0%Increase in job cuts and uncertainty emanating from deadline extensions of the furlough scheme by government.

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

Source: Nedbank

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By | 2021-03-23T23:22:04+02:00 February 23rd, 2021|Markets and Research|0 Comments

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