Free Trial

Budget In Focus

SOUTH AFRICA
South African government bonds remain under pressure following last week's sharp sell off and bear steepening. Long-end yields are 13-15bp higher with the very long-end underperforming.
  • The rand has got off to a weak start, with USDZAR pushing up to 14.83 in early European hours.
  • The presentation of the budget on Wednesday by Finance Minister Tito Mboweni will be a focus. The Covid-driven blowout in the budget deficit has started to undermine risk sentiment with foreign investors pulling USD1.228bn from the local government bond market last week - the fastest unwind since March last year.
  • The data slate will be relatively light this week. Focus will be on monthly trade and budget balance data for January, which will be published on Friday.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.