Today we are taking a look at:

  • Continued EM risk-on fuels demand for SAGBs with yields falling and further curve flattening into the 30y point
  • USDZAR breaks below R14.00/USD due to dovish global central banks
  • Oil struggled to extend gains beyond a five-month high as an increase in U.S. crude inventories to the highest since late 2017 overshadowed OPEC’s efforts to reduce production
  • Global growth concerns were shrugged off as investors digested economic data and company earnings
  • Fed, ECB remain dovish due to external headwinds; US CPI surges temporarily; UK industrial production surprises to the upside; Chinese inflation distorted by New Year holiday; SACCI business confidence index falls to a 7-month low

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