Currencies The rand posts gains as the USD loses ground after the FOMC, currently trading at 14.5700.
CommoditiesBenchmark crude oil prices have retreated; Gold has held onto its overnight gains.
EquitiesTop40 +1.8%; weak US GDP data saw US markets back at record highs as inflation concerns eased and the lower-for-longer theme stays in play.
EconomicsSA PPI rose by 7.7% y/y in June; US GDP grew by a 6.5% annualized rate in 2Q21.
DateRegionEventActual/Expected/PriorImplications
29/07USGDP (1st print)6.5%/8.4%/6.3%US GDP grew by a 6.5% annualized rate in 2Q21, from a revised 6.3% in 1Q21.
29/07SAPPI7.7%/7.3%/7.4%SA PPI rose by 7.7% y/y in June, from 7.4% y/y in May, worse than consensus of 7.3% y/y.

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

Source: Nedbank

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