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SAGBs Soften Slightly Ahead of GDP, Upside Surprise Eyed

SOUTH AFRICA
  • Local rates open slightly weaker, despite early downside in US Treasury yields – perhaps some profit-taking after yesterday's run lower in long end yields.
  • 10Y remains just above 9.00 support, while 15 & 30Y yields eye 10.00 to the downside.
  • 2Y yields are pressuring the 5.00 handle as the curve continues to flatten and risk premia drift lower – now below 185.
  • An upside surprise in GDP today may deliver more bull flattening momentum.
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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