Currencies The rand recovers into the close of the week; currently, it trades in the mid-14.40s.
CommoditiesBenchmark crude oil prices retreated as OPEC+ agreed to increase supply into 2022; Gold traded close to $1,815 per ounce.
EquitiesWe should follow global markets lower as we take stock of the damage caused by our looters last week.
EconomicsUS 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%.
DateRegionEventActual/Expected/PriorImplications
07/16EZCPI1.9%/1.9%/1.9%CPI rose by 1.9% y/y in June, from 2.0%y/y in May
07/16USRetail Sales0.6%/-0.3%/-1.7%US Industrial production rose by 0.4% m/m in June, down from 0.7% m/m in May.
07/21SACPI–/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.
07/22SAMPC–/3.5%/3.5%Rates expected to be on hold.
07/22EZECB 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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