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GILT AUCTION PREVIEW

1.25% Jul-51

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Opening calls

SOUTH AFRICA

SAGBs Take a Knock, 2Y Notches +12.1bp Higher

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USDJPY is through new intraday high

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"The labour market has recovered faster than expected, with the unemployment rate declining further to 4.9 per cent in June. Job vacancies have remained at a high level and there are reports of labour shortages in parts of the economy. Some increase in the unemployment rate is expected in the near term due to the current lockdowns, but most of the adjustment in the labour market is likely to take place through a reduction in hours worked and in participation. In the central scenario, the unemployment rate continues to trend lower next year, to be around 4ΒΌ per cent at the end of 2022 and 4 per cent at the end of 2023."