| Currencies | The rand traded on the back foot as the USD recovers; top-side risk now towards the 16,000 level. |
| Commodities | Brent crude oil remains below USD79 per barrel; gold is higher. |
| Equities | Covid cases are driving up fast across Europe which will add to the volatility into the last week of November. Mixed markets in Asia provide no real read-through, all eyes in SA on NPN/PRX numbers that have just hit the tapes. |
| 11/23 | EZ | Manufacturing PMI | –/57,3/58,3 | Manufacturing PMI is expected to ease in November, given higher energy prices, supply chain issues, and rising COVID-19 infections. |
| 11/24 | US | PCE Deflator | –/5,1%/4,4% | The PCE deflator is expected to accelerate by 5,1% yoy after accelerating by 4,4% previously. |
| 11/25 | SA | PPI | –/8,0%/7,8% | Driven by higher fuel prices and supply chain bottlenecks. |
Nedbank CIB Market Commentary | CIBMarketComm@Nedbank.co.za | +27 11 537 4091
Source: Nedbank
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