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CANADA

Monthly GDP Ahead

COPPER TECHS

(N2) Bearish Threat Remains Present

SOUTH AFRICA

Trade Surplus Surges in March to ZAR 45.86bn

US TSYS

Repo Reference Rates

SOUTH AFRICA

MAR TRADE BALANCE 45.9BLN RAND; FEB 11.5BLNr

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US TSYS
US TSYS: T-Notes happy to hold a tight range in early Asia dealing, with a
thinner liquidity, news flow light backdrop apparent, contract last -0-01+ at
138-29+. The first session of the week saw the contract unwind its early gains,
although it did manage to finish off of worst levels.
- Curve twist steepened on Monday, with a hefty IG issuance slate (headlined by
Apple's $8.5bn 4-tranche) in focus, while the Treasury noted that it expects to
borrow a record $2.99tn during Q220. The department assumes an end-of-June cash
balance of $800bn, and also said it expects to issue $3.7tn in net marketable
debt in the second half of the fiscal year, bringing total estimated debt
issuance to nearly $4.5tn in fiscal 2020.
- A recovery in U.S. equity indices and an uptick in crude also helped the
broader dynamic observed on Monday.
- A reminder that cash Tsys will be closed during Asia-Pac hours through
Wednesday, owing to a Japanese holiday, while a Chinese holiday will also limit
participation in the region on Tuesday.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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