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Market Snapshot: SAGB Yields Break Key Resistance

SOUTH AFRICA
  • 10Y yields have taken a leg higher today after holding a tight 5-day range between 10.20 & 10.323. The level also represented the 50% fib level of the 08-30 March range with price action now extending to the 61.8% fib, up +12.7bp on the day so far.
  • CNH weakness, complimented with higher UST yields and PPI readings added upside pressure to yields today. Next key topside levels to consider come in at 10.40 & 10.50.
  • USD/ZAR is also +1.22% higher on the day with price action drifting through the 16.00 handle supported by broad USD strength. Next intraday resistance seen at 16.07 & 16.1480.

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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