Currencies The rand continues to trade with a positive bias, holding sub-14.0000.
CommoditiesBrent crude oil marking a touch above $68.50 per barrel; Gold is little changed.
EquitiesTech rallies globally after the sell-off last week, but portfolio changes in some global momentum ETFs may change that as we enter MSCI rebalances on Thursday.
05/25USGDP–/6.5%/6.4%Second print could be revised upward, driven by stronger personal consumption as indicated by the revised retail sales print.
05/27SAPPI–/6.7%/5.2%High y/y price movements due to the low base in 2020; during April, inflation will be driven by higher oil and transport costs.
05/28SAMonthly Budget Balance–/-55.0b/-29.8bThe monthly budget deficit is expected to widen in April, given that revenue collection in April is typically weaker.

Nedbank CIB Market Commentary | | +27 11 537 4091

Source: Nedbank

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