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SAGBs Bull Flatten Post-FOMC, PPI Data Eyed

SOUTH AFRICA
  • Local rates trade firmer at the opening, bull flattening -3.5bp in 10-30Y yields following last night's FOMC.
  • SAGBs softened slightly going into the meeting, ending the SA session +3.2-5.1bp steeper at the long end.
  • W/w, however, the curve remains bull flatter with 15-30Y yields -22-25bp lower while the 10Y struggles to overcome 9.20 resistance.
  • SA's 5Y CDS flatlined in yesterday's session, remaining unchanged a fraction below 210 resistance.

Data:

  • 1030BST: PPI m/m exp at 0.4% vs 0.4% prior
  • 1030BST: PPI y/y exp at 7.3% vs 7.4% prio
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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