The South African bond market held steady at the firmer levels reached earlier in the day after the rand broke through another key resistance level in early morning trade. The euro strengthened following the electoral victory of pro-EU French presidential candidate Emmanuel Macron in the first round of the French presidential election on Sunday. The rand reached R12.89/$, after firming through R12.93/$, supporting local bonds amid a strong reversal in US treasuries. At 11.45am the yield on the R186 was at 8.580% from 8.640%. The R207 was at 7.465% from 7.520%. US treasuries gained strongly ahead of the vote in safe-haven trade, but reversed these gains on Monday morning as it became more likely that Macron would beat right-wing candidate Marine le Pen in the final round on May 7. The US 10-year bond was at 2.3065% from 2.2474%.
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