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US Treasuries Wreak Havoc on EM FX/FI

  • Local rates trading mixed across the curve – flattening from both ends amid mixed risk sentiment and rising UST yields (now above 1.7%).
  • 10Y +3.1bp at 9.36, while 30Y holds above 11.25. Volatility is likely to persist across EM FI in the near-term as markets digest Powell's testimony.
  • USD/ZAR opens higher as US Treasury yields spike higher with the $ in tow.
  • Commodities reversed early gains: Gold -0.34%, Platinum -0.19%, while local stocks follow APAC indices higher: T40 +1.44%.
  • Limited local catalysts on the agenda for today leaves price action vulnerable to $-side developments and broad risk sentiment.
  • The cross has pared a portion of yesterday's move lower, holding just below the underside of the prior sticky range from 14.80-15.2116.
  • Intraday Sup1: 14.6213, Sup2: 14.5183, Res1: 14.8168, Res2: 14.9078
MNI London Bureau | +44 020-3983-7894 |
MNI London Bureau | +44 020-3983-7894 |

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