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Local Curve Pivots to Bull Steepening as Back End Momentum Stalls Out

SOUTH AFRICA
  • Local rates trade mostly flat at the open, having bull steepened in yesterday's session following a softer than expected CPI print.
  • W/w the local curve has pivoted towards bull steepening after two weeks successive of bull flattening.
  • 2Y yields have plumbed -15bp lower w/w, while 15-30Y yields trade +8bp higher.
  • 2Y is currently holding around Feb 21 levels (4.80), with major support seen at 4.65.
  • 10Y continues to hover above the 9.00 handle.
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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