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SAGBs Firm In Early Trade

SOUTH AFRICA

SAGBs have rallied in early European hours with the curve bull flattening. - long end yields are 8bp lower on the day. The rand is similarly making modest headway with USDZAR inching down to 14.85 from an intraday high of 14.93.

  • The ructions in Turkey over recent days seem to have had little spillover to the traditional high yield space, and perhaps reflects a slight easing of pressure on G10 yields.
  • The February CPI print is due top of the hour; consensus: 3.1% Y/Y

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