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SAGBs Open Cautiously Following Freedom Day Break as China Lockdowns Weigh

SOUTH AFRICA
  • SAGBs reopen slightly softer this morning, playing catch-up after the Freedom Day holiday.
  • A Sharply weaker CNH may continue to exert pressure on ZAR assets today as lockdowns continue to weigh on growth expectations in China.
  • Focus remains on 10.323 resistance in the 10Y for a potential continuation of the move higher amid tentative risk conditions as USD strength dominates markets.
  • 10.929 also represents key resistance in the 30Y, while support is defined at 10.80. W/w the SAGB curve stands a fraction higher with 5-30Y yields +1-3bp higher across the breadth.
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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