Daily Market Commentary Flash Note – 7 July 2021

Currencies The rand trades on the back foot as markets await the FOMC minutes.
CommoditiesBenchmark crude oil prices fell; Gold moved back above $1,800 per ounce.
EquitiesUS stocks fell, snapping a streak of seven consecutive closing record highs, as a plunge in Treasury yields to the lowest since February weighed on banks and small caps.
DateRegionEventActual/Expected/PriorImplications
06/07EZRetail Sales4.6%/4.3%/-3.9%Retail sales rose 4.6% m/m, from -3.9% previously, better than consensus of 4.3%.
06/07USISM Services Index60.1/63.5/64.0The largest drop was seen in employment, which translated into weaker business optimism.
09/07UKGDP–/3.9%/1.5%Economy expected to grow by 3.9% q/q, supported by the re-opening of the hospitality sector.

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

Source: Nedbank

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By | 2021-07-07T10:21:04+02:00 July 7th, 2021|Markets and Research|0 Comments

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