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Markets Snapshot: ZAR Rally Continues, SAGBs Firm

SOUTH AFRICA
  • USD/ZAR has sustained bearish momentum today (-1.10%) following soft NFP data out of the US, with the ensuing USD weakness driving the cross below its 50dma and towards 15.50 support.
  • SAGBs have held onto early bull flattening gains with 10-30Y yields -3.3-3.7bp lower, remaining within their recent ranges.
  • SA’s 5Y CDS has also fallen -3.4bp, while the Citi terms of trade index has risen +5.24%
  • Top40 trades -0.36% lower with telecommunication stocks dragging the index lower and miners tentatively recover.
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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