LOCKDOWN LEVEL 2 Ver1 [ DAY 11]  

TOTAL DAYS 444 – 7 HOURS 30 MINUTES

Vaccine rollout day 130 / J & J VACCINE DAY 125 [Phase 2]

1,773,417 million vaccines administered

*New cases 7 657

By the close of trade on Friday 11th June 2021 the South African rand weakened against the US Dollar.  In Cornwall the G7 promise of 100 Billion vaccines to the poorest of nations fell short of the amount needed to vaccinate the Globe.  It is however a start.  President Biden was on his first overseas visit and face to face meeting with the World leaders.  •     The member countries aimed to end their first summit in two years with a set of promises making huge corporations pay their fair share of taxes and tackling climate change with a blend of technology and money. Tailing along was President Ramaphosa.

  • In the US, consumer sentiment rebounded in early June as inflation fears subsided and households grew more optimistic about future economic growth and employment.
  • The US 10-year yield fell last week to its lowest level in three months, and the weekly decline was one of the largest in the past year. The implied yield of the December 2022 Eurodollar futures contract slipped to almost 33 bp, the lowest level in nearly four months. The yield has drifted lower for the fourth consecutive week. It has risen in only two weeks since the end of March. Three-month LIBOR fell to a new record low. Yet, the dollar proved fairly resilient to these latest interest rate developments.
  • Moscow could hand over wanted hackers to Washington if the United States extradites its own cybercriminals to Moscow, Russian President Vladimir Putin said on Sunday. He made the comments ahead of an expected extradition request by US President Joe Biden when the pair meet in Geneva on Wednesday. Biden resolved to take action after several cybersecurity breaches, including ransomware attacks, on US companies and infrastructure in recent months, which are believed to have originated in Russia. The most recent ransomware incidents targeted the US’s largest vehicle fuel pipeline operator Colonial Pipeline.
  • China’s Communist Party celebrates its 100th anniversary next month, a chance for it to reinforce to a domestic audience how the party transformed the country into the world’s second-largest economy and major world power since taking control in 1949. In conventional narratives of China’s economic rise, the action starts in 1978, when Deng Xiaoping launched sweeping reforms to open up trade and investment with Western capitalist countries following the death of Mao Zedong.
  • Benjamin Netanyahu, famous for his ability to maneuver out of the tightest political binds, was unseated Sunday after 12 straight years in power by a brittle governing alliance whose ability to end years of political chaos will be challenged by stark internal divisions. The two-headed government approved by parliament on Sunday coalesced around a desire to remove Netanyahu, the main defendant in a tangled corruption trial, from office. Religious Jewish nationalist Naftali Bennett, 49, a former Netanyahu ally who opposes Palestinian statehood and the Iran nuclear deal, will serve until August 2023.
  • The yield on benchmark government bonds mostly fell on Friday. The yield on 2026 bond fell to 7.08%. Further, the yield on 2023 bond advanced to 5.06%, while that for the longer-dated 2030 issue fell to 8.62%.

In early trade on Monday 14th June 2021, the US dollar is trading higher against the South African rand at R13.7362, while the euro is trading higher at R16.6182. At 06:00 The British pound has gained against the South African rand to trade at R19.3826.

On Friday, the euro declined against most of the major currencies.

  • Meanwhile, Britain’s economy gathered pace in April as the government eased its coronavirus lockdown. Moreover, UK’s manufacturing growth forecast for 2021 has been upgraded from 3.9% to 7.8%, as the country continues to recover from the onslaught of the coronavirus pandemic.
  • French President Emmanuel Macron offered the UK Prime Minister (PM) Boris Johnson, in what seems to be the last chance, to reset the relations amid a Brexit divorce deal the latter signed with the European Union (EU).  Key quotes at a meeting at the Group of Seven rich nations in southwestern England, Macron told Johnson the two countries had common interests, but that ties could improve only if Johnson kept his word on Brexit, “The president told Boris Johnson there needed to be a reset of the Franco-British relationship”.

In early trade on Monday 14th June 2021, the euro slipped against the US dollar to trade at $1.2226, while it has weakened against the British pound to trade at GBP0.8568.