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Improved Terms Of Trade Buoy ZAR, SAGBs

SOUTH AFRICA
  • Citi’s SA terms of trade index continues to rise in Jan (+10.15% YTD), and is up +1.27% today with PGM prices on the rise (XPT +1.62%)
  • This is filtering through into a firmer ZAR & SAGBs. USD/ZAR stands -0.47% lower, broadly against the grain in CEEMEA.
  • ZAR is attracting risk flows that would have gone to RUB and TRY with both facing idiosyncratic risks.
  • SAGBs trade bull flatter: 2Y +2.0bp, 10Y -3.3bp, 30Y -6.3bp

MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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