| Currencies | The rand recovers into the close of the week; currently, it trades in the mid-14.40s. |
| Commodities | Benchmark crude oil prices retreated as OPEC+ agreed to increase supply into 2022; Gold traded close to $1,815 per ounce. |
| Equities | We should follow global markets lower as we take stock of the damage caused by our looters last week. |
| Economics | US Retail sales increased by 0.6% m/m in June, from -1.7%; In the Eurozone, CPI rose by 1.9% y/y in June, from 2.0%y/y in May; The BoJ left its policy rate unchanged at -0.1%. |
| Date | Region | Event | Actual/Expected/Prior | Implications |
| 07/16 | EZ | CPI | 1.9%/1.9%/1.9% | CPI rose by 1.9% y/y in June, from 2.0%y/y in May |
| 07/16 | US | Retail Sales | 0.6%/-0.3%/-1.7% | US Industrial production rose by 0.4% m/m in June, down from 0.7% m/m in May. |
| 07/21 | SA | CPI | –/4.8%/5.2% | Inflation expected to ease in June. Inflation in May was higher given the lower base in 2020 when fuel prices slumped. |
| 07/22 | SA | MPC | –/3.5%/3.5% | Rates expected to be on hold. |
| 07/22 | EZ | ECB Main Refinancing Rate | –/0.0%/0.0% | Rates expected to be on hold. |
Nedbank CIB Market Commentary | CIBMarketComm@Nedbank.co.za | +27 11 537 4091
Source: Nedbank
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