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JGB TECHS

(U1) Tilted Higher

AUSSIE 10-YEAR TECHS

(U1) Uptrend Weakening

US TSYS SUMMARY

Bullard Kickstarts Reflation Unwind Theme

AUDUSD TECHS

Fresh 2021 Lows

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  • USD/ZAR trades -0.32% lower this morning, tracking early weakness in the greenback to return to the 13.50-13.50 zone.
  • Relatively muted US CPI, combined with strong domestic data and signs of energy sector reform, buoyed ZAR in yesterday's session and have filtered through into the bond market this morning.
  • Commodities also slighting higher this morning: gold +0.14%, platinum +0.23%.
  • Analysts heralding energy reform as a major positive over the medium-term, but reiterated that load-shedding is expected to dominate in the near-term with he situation becoming progressively worse.
  • Going over Mantashe's head with the larger threshold increase is a positive sign of reform frustration and decisive leadership from Ramaphosa – which many hope will be the watershed to more long overdue growth-inducing structural reforms.
  • Covid cases continue to rise, with SA now technically classified as being in its third wave. Tighter restrictions are becoming more likely in the next 1-2 weeks.
  • Intraday Sup1: 13.5111, Sup2: 13.4168, Res1: 13.6063, Res2: 13.678