Daily Market Commentary Flash Note – 9 June 2021

Currencies The rand trades with a marginally weaker bias as local factors weigh on its prospects.
CommoditiesDespite the strength in ZAR, Brent crude oil continues to tick up in the local currency.
EquitiesThe market felt like it was treading water, with most eagerly awaiting direction from the US CPI data out Thursday.
EconomicsSA 1Q GDP growth surprises to the upside.
DateRegionEventActual/Expected/PriorImplications
06/08SAGDP-3.2%/-3.0%/-4.1%GDP growth eased to 4.6% q/q SAAR in 1Q21, from 5.8% in 4Q20, well ahead of consensus of 3.2%. The annualised pace of contraction eased to -3.2% y/y, from -4.2% in 4Q20, slightly worse than forecasts of -3.0%.
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 | 2021-06-09T08:24:04+02:00 June 9th, 2021|Markets and Research|0 Comments

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