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Market Snapshot: Hawkish Fed Speaker Comments Spark Risk-Off

SOUTH AFRICA
  • Comments from notorious Fed dove Brainard have seen markets shift to risk-off, with USD/ZAR making a sharp turn higher on the back of a firmer USD and push lower in US equities. Front end UST yields have surged higher with the 2Y hitting 2.50%.
  • USD/ZAR is through the highs of the day, having failed to hold below Friday’s lows. Intraday resistance levels seen at 14.6466, Res2: 14.7041.
  • SAGBs also seen trimming early gains to trade -0.7-1.9bp lower on the day, with the 10 & 30Y tenors having fallen short of support at 9.85 & 10.40 respectively.
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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