Currencies The rand extends its recent gains as we head into month-end to trade towards the 14.6000 technical support level.
CommoditiesGold remains above $1,815 per ounce.
EquitiesThe S&P closed at a fresh record, its 12th this month, as investors were assured by Powell’s dovish tapering remarks last week and looked ahead to Friday’s job’s report.
EconomicsSA records second-largest monthly deficit in July 2021; Retail sales in Japan advanced by 2.4% y/y in July.

30/08JNRetail Sales2.4%/2.1%/0.1%Retail sales in Japan advanced by 2.4% y/y in July.
30/08SAMonthly Budget Balance-R133.2b/-R133.1b/R63.1bSA’s monthly budget deficit for July amounted to R133.2bn, from a surplus of R63.1 bn in June, in line with expectations.
31/08EZCPI–/2.7%/2.2%Higher clothing and footwear prices.
31/08USConsumer Confidence–/123.0/129.1Rising infection rates caused by the delta variant might weigh on consumer confidence.
01/09SAABSA Manufacturing PMI–/–/43.5Effects from the July protests might weigh on sentiment in the manufacturing industry.
03/09USUnemployment–/5.2%/5.4%Unemployment expected to drop to 5.2% in August.

Nedbank CIB Market Commentary | | +27 11 537 4091

Source: Nedbank

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