Daily Market Commentary Flash Note April 29, 2021

Currencies	Dovish FOMC sees the USD trade on the back foot.
Commodities	Commodity prices are better bid with Brent crude oil moving above $67.50 per barrel. Palladium continues to gather further momentum.
Equities	Banking stocks lead the gains in Europe, with a number of companies reporting solid first-quarter profits. The US Federal Reserve keeps rates unchanged.

Date	Region	Event	Actual/Expected/Prior	Implications
29/04	SA	PPI YoY	-/ 4,5%/ 4%	PPI likely higher due to low lockdown restrictions and higher oil prices.
30/04	SA	Trade Balance Rand	-/ 26.0b/ 29.0b	SA’s trade balance likely to post a surplus in March, driven by exports.
29/04	USA	Initial jobless claims	-/ 539k/ 547k	Decline in jobless claims is pointing to a brighter outlook for the US labour market.
29/04	USA	GDP annualised Q0Q	-/ 6,9%/ 4,3%	GDP to grow at levels last seen in years just after the 1981-82 recession, due to the 1,9 trillion stimulus package passed in March.
29/04	USA	Pending home sales MoM	-/ 4,4%/-10,6%	Home sales expected to improve on the back of a steadily improving economy in the US.
03/05	SA	ABSA Manufacturing PMI	-/-/ 57,4	Low restrictions and Covid-19 cases to improve manufacturing output.
29/04	SA	PPI YoY	-/ 4,5%/ 4%	PPI likely higher due to low lockdown restrictions and higher oil prices.