Moderna gave rising market belongings a lift when news broke that their Covid-19 vaccine candidate was confirmed to be roughly 95% efficient based mostly on interim knowledge. One of the largest flaws of the Pfizer vaccine is that it needs to be saved at -70 levels Celsius. This will not be an issue for Moderna’s. Their vaccine is steady for as much as 30 days with common refrigeration at round -2 levels Celsius.
This week, retail gross sales for September is due out for the Rainbow Nation. Market consultants predict a rise of 5% – extra constructive indicators that the financial system is recovering. The South African Reserve Bank (SARB) will even be making its curiosity rate choice on Thursday. No change is predicted from the present rate of 3.5%, however ZAR merchants ought to hold their ears open for any hints that the Reserve Bank may make of attainable easing in the future.
This week the rand will largely be pushed by vaccine news, together with elevated circumstances in main economies. The SARB’s curiosity rate choice may additionally transfer rand pairs if there are any surprises, however restriction updates and common market threat sentiment will seemingly drive rising market belongings and the high-yielding currencies.
Market occasion calendar:
Wednesday 18 November:
- UK: Inflation rate YoY – Expected 0.7%
- Eurozone: ECB Non-monetary coverage assembly
Thursday 19 November:
- AUS: Unemployment rate – Expected 7.1%
- Eurozone: Current account – Expected €24.5 B
- SA: SARB rate choice
Friday 20 November:
- UK: GFK client confidence – Expected -33
- UK: Retail gross sales MoM – Expected 0.4%