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Market Snapshot: ZAR Recovers Post-CPI, SAGBs Firm

SOUTH AFRICA
  • ZAR assets remain firm today despite a hot CPI print from the US at 0.6% m/m vs 0.4% exp.
  • USD/ZAR has pared the initial risk-off spike higher to trade close to the day’s lows at 15.0869, with firm commodities adding support.
  • SAGBs remain better bid with the curve bull flattening -5.5-8.6bp in 10-30Y yields. The 30Y has moved through major support at 10.30 dating back to 2018, but will need to close below the level today.
  • The Top40 Index remains slightly in the red after failing to hold onto gains above 70,200. Prosus & Naspers weighing down the index somewhat – both trading -4% & -2.37% lower on the day.
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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