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Local Rates Pull back from 50% Fib, Eye Key Support Below

SOUTH AFRICA
  • Local rates firm at the open, maintaining yesterday's tentative bull flattening bias.
  • A firm pullback from around the 50% Fib of Monday's peak showing scope for more potential downside if the weekly lows can be cleared.
  • W/w the curve is -20-25bp bull flatter, with techs at the back end looking fairly bullish – with an eye on 15-19 April low
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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