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ZAR Feels the Brunt of Rising UST Yields

SOUTH AFRICA
  • ZAR feeling the brunt of rising UST yields today, trading -0.87% vs the $
  • local covid situation deteriorating and relative overvaluation vs peers leaving it most vulnerable to bouts of risk-off
  • RUB, by contrast, a lot more resilient
  • SAGBs relatively firm at the back end, however. Front end lifting +6.3bp today
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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