Daily Market Commentary Flash Note – 7 June 2021

Currencies The rand finds support as US data disappoints.
CommoditiesBrent crude oil back below $71,50 per barrel; Gold has dropped back below $1,890 per ounce.
EquitiesLooking at the US jobs data, while fairly mixed, the headline number came in below est., which in turn saw the weakening of the USD against the majors and EM FX.
DateRegionEventActual/Expected/PriorImplications
06/07SANet Reserves–/$51.92b/$51.5bA stronger rand exchange rate will likely weigh on the value of the FX reserves, but will likely be offset by a 7.8% m/m surge in the international gold price over the same period.
06/08SAGDP–/-3.0%/-4.1%GDP expected to contract by -3%y/y in 1Q21.
06/09SASACCI Business Confidence–/–/94.0Business confidence for May expected to improve given strong global demand and sales as well as recovering local demand.
06/10SACurrent Account Balance–/183b/198bCurrent account expected to maintain a surplus.
06/10SAManufacturing Production–/88.5%/4.6%Driven by a lower base last year, given the lockdown restrictions. On a monthly basis manufacturing production is expected to rise by 0.5%.

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

Source: Nedbank

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By | 2021-06-07T09:19:07+02:00 June 7th, 2021|Markets and Research|0 Comments

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