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Local Rates Erase Weakness, Resume Bull Flattening

SOUTH AFRICA
  • Local rates reverse yesterday's weakness, trading firmly in the green today after a brief corrective retracement higher in the past two sessions.
  • Softer than expected US CPI bolstered risk sentiment yesterday, which has followed through into today's session.
  • 10Y yields (-7.7bp) re-approaching the 9.25-9.20 support band while the sell-side favoured 30Y (-9.2bp) has breached 10.90 support as the curve bull flattens.
  • 2Y (-2.2bp) also trading heavily towards 5.05-5.00.
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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