https://cib.nedbank.co.za/2021/07/daily-market-commentary-flash-note-2-august-2021/
Currencies Although the rand has remained on the back foot, moves beyond the 14,80 short-term technical break have not been sustained.
CommoditiesBrent crude oil remains above USD86 per barrel; gold moved above USD1 800 per ounce.
EquitiesIt will be interesting to see whether there is an uptick in volumes given how poor they have been lately; that said, it is hard to see the catalyst that would spark that change today.
DateRegionEventActual/Expected/PriorImplications
10/26SALeading indicator–/–/122,0The leading indicator has previously, during the month of July, contracted by 2,5%, with nine of ten subcomponents posting contractions.
10/26USConsumer Confidence–/108,5/109,3High inflation weighing on consumer confidence.
10/28SAPPI–/7,3%/7,2%Inflation expected to tick up slightly to 7,3% in September; in August, inflation was driven by higher fuel prices and supply chain-related issues – these remain key issues.
10/28EZMain refinancing rate–/0,0%/0,0%Rates expected to remain unchanged.
10/29SATrade balance–/R35,3bn/R42,4bnTrade surplus expected to narrow in September.

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

Source: Nedbank

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