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SAGBs Gain as China's Covid Situation Sees Tentative Improvement

SOUTH AFRICA
  • SAGBs open slightly firmer this morning, following on from improved risk sentiment during the APAC session, despite higher than expected CPI & PPI prints.
  • Yields continued to march higher yesterday with 10-30Y tenors rising +3.5-10.2bp with a bear steepening bias holding.
  • 10Y yields failed to hold above 10.60, while the 30Y fell just shy of 11.20.
  • Today’s focus will be on US CPI and the reaction in UST yields with the print expected to come in at 8.1% vs 8.5% prior. Key Support in the 10Y stands at 10.395 & 10.978 in the 30Y.
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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