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USDZAR Tests 19.00, Yields on SAGBs Rise Further

ZAR
  • USDZAR gains have accelerated alongside the more moderate uptick in the USD index, with the pair a touch below the 19.00 handle at typing. Price is back above the 50-day EMA at 18.8747, though a more sustained break of this average is needed to mark a bullish development. Nevertheless, the pair has now recorded an impressive 2.7% bounce off last week’s lows.
  • Yields on 10y SAGBs have recorded fresh cycle highs, above the 12% mark for the first time since early November. Similarly, South Africa's 10-year breakeven inflation rate has extended its recent move higher and last sits at a new multi-month high of 6.81%.
  • Looking ahead, the Fed rate decision and SA CPI data for February provide the key risk events of the week on Wednesday.
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