Currencies The rand has continued to post steady gains over the course of the week; it has thus far managed to consolidate its marginal gains sub-15.0000.
CommoditiesOil prices declined given a poor demand outlook; Spot gold dropped 0.1%.
EquitiesNew highs in the US equity markets have not flowed through to sentiment in Asian trading ahead of Jackson Hole as markets remain split on the Fed’s upcoming message.

26/08USGDP –/6.7%/6.5%Stronger consumer and business demand.
26/08SAPPI–/7.1%/7.7%PPI expected to slow to 7.1% in July from 7.7% previously.
27/08USPCE Deflator–/4.1%/4.0%PCE price index expected to advance by 4.1% y/y.
27/08USUniversity of Michigan Sentiment–/71.0/81.2Sentiment expected to deteriorate in August, as a result of higher infection
rates caused by the delta variant.

Nedbank CIB Market Commentary | | +27 11 537 4091

Source: Nedbank

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