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Local Rates Firm at the Open, 10Y Holds Below 10.50

SOUTH AFRICA
  • Local rates trade a fraction firmer at the open, seeing a marginal bull flattening despite tepid global risk sentiment.
  • Bull flattening resumed in yesterday's session with 10-30Y tenors drifting -2.3-2.8bp lower.
  • 10Y closed below the 10.50 handle in yesterday's session, but will need to clear 8.45 to unlock more downside towards 9.30.
  • 2Y yields remain pegged in a near-term uptrend, having seemingly formed a solid base at 4.60.
  • Focus on CPI today, expected to lift to 4.3% from 3.2% prior.
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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