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Free AccessCPI Miss Risks Dovish Tilt From SARB
- Local yields open lower in line with broad-based risk-on, resuming the bull flattening trend established mid-way through yesterday's session.
- 10Y remains pegged above 8.80 support, while the 30Y trades around 11.95 support with a downside bias towards 11.90.
- USD/ZAR opens 0.15% higher, paring a portion of the last session move lower towards the bear trigger around 15.21.
- Focus today remains on CPI expected to come in flat MoM vs 0.2% prior, and also YoY at 3.0% vs 3.0% prior.
- A miss to the downside might add weight to arguments that recent SARB comms have been more dovish in highlighting risks to the short-term inflation outlook being "on the downside" and could see markets tentatively price-in 1-2 cuts for 1H21 if supported by further downside CPI prints.
- A move below 15.20 opens up 15.00 and 14.7331 as next downside support.
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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.