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SAGBs Run Into Support as US CPI Looms

SOUTH AFRICA
  • SAGBs snap a streak of firmer opens this morning, trading +1-2.4bp higher across the curve with the 15Y leading the way higher.
  • Early gains were trimmed somewhat in duration yesterday with 10 & 30Y yields running into support at 9.70 & 10.44 respectively ahead of US CPI today.
  • Both tenors have stalled around the 61.8-76.4% Fib retracement levels and will need to negotiate hawkish risks from a higher US CPI print before looking towards the MTBPS on Thursday.

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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