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Best performer in EMFX

RAND

Rand extends gains against the USD, and the best performer in EMFX, up close to 1% on the day.

  • Local desk, still sees risk tilted to the upside in USDZAR, despite some of the pullbacks.
  • Also worth noting Option expiry: 16.65 (220mln) and 16.70 (415mnl), so can't rule out further momentum.
  • RATE/Bonds: They note better bid in the the front end Bond with swap offered. But fairly quiet domestic/offshore flows.
  • Support is eyed at yesterday's low 16.6944.

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