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Market Snapshot: ZAR Eyes 14.50, SAGBs Firm Post-SARB

SOUTH AFRICA
  • Gains in US equities supporting a continuation lower in ZAR and further downward pressure on SAGB yields post-SARB. The Central bank came out slightly hawkish this afternoon with a 3-2 MPC split, prompting a bid in ZAR, which has been aided by a softer USD
  • USD/ZAR stands -1.56% lower, hovering above 14.50. SAGBs trade -9.7-16.7bp lower in 10-30Y yields with the 30Y outperforming on the day.
  • Commodities making moderate gains with gold +0.95% & Platinum +0.56%, but stocks lagging behind at -0.80%. Northram Platinum, Naspers & Richemont seen dragging the index lower.
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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