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Market Snapshot: ZAR Takes a Knock Post-Payrolls, SAGBs Unwind Gains

SOUTH AFRICA
  • ZAR is seemingly among the most affected by the upside surprise in payrolls, given its high-beta nature - trading -1.29% weaker vs the USD following NFPs.
  • Commodities in the PGM group took a sharp turn lower on the back of USD strength – hurting SA’s terms of trade.
  • SAGBs have also unwound early gains with US Treasury yields spiking higher following the print.
  • 10Y yields have nudged above 9.70 (+5.3bp), while 30Y yields are hovering just below 10.40 (+3.0bp)
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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