|Currencies||The rand continues to trade with a positive bias, holding sub-14.0000.|
|Commodities||Brent crude oil marking a touch above $68.50 per barrel; Gold is little changed.|
|Equities||Tech 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.|
|05/25||US||GDP||–/6.5%/6.4%||Second print could be revised upward, driven by stronger personal consumption as indicated by the revised retail sales print.|
|05/27||SA||PPI||–/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.|
|05/28||SA||Monthly Budget Balance||–/-55.0b/-29.8b||The monthly budget deficit is expected to widen in April, given that revenue collection in April is typically weaker.|
Nedbank CIB Market Commentary | CIBMarketComm@Nedbank.co.za | +27 11 537 4091
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