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SAGBs Flip to Tentative Gains W/w Ahead of SARB Week

SOUTH AFRICA
  • SAGBs kick off slightly firmer this morning, following on from improved risk sentiment out of APAC. Yesterday’s session saw the curve close -3-13.6bp lower across the breadth as UST yields drifted lower with the 5Y outperforming on the day.
  • W/w, the SAGB curve has flipped to minor gains with a slight bull steepening bias holding.
  • 10 & 30Y tenors moved below support at 10.40 & 11.00 respectively and now eye the 10.30-1.20 & 10.929-10.791 ranges with the lower bounds marking a bear trigger to retesting the April lows.
  • Focus shifts towards CPI & the SARB next week as markets position for the first +50bp hike in over 6 years.

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  • SAGBs kick off slightly firmer this morning, following on from improved risk sentiment out of APAC. Yesterday’s session saw the curve close -3-13.6bp lower across the breadth as UST yields drifted lower with the 5Y outperforming on the day.
  • W/w, the SAGB curve has flipped to minor gains with a slight bull steepening bias holding.
  • 10 & 30Y tenors moved below support at 10.40 & 11.00 respectively and now eye the 10.30-1.20 & 10.929-10.791 ranges with the lower bounds marking a bear trigger to retesting the April lows.
  • Focus shifts towards CPI & the SARB next week as markets position for the first +50bp hike in over 6 years.

Keep reading...Show less