South African bonds were marginally firmer on Tuesday afternoon, despite the slightly softer rand, with analysts expecting range-bound trade ahead of the emergence of fresh catalysts in the market.Local bonds and the rand had found significant support on Monday, with a number of developments at the weekend boosting market confidence that SA would be able to avoid further credit-ratings downgrades.The rand softened on Tuesday in line with the euro, with the dollar recovering after a deal was struck in the US to end that country’s three-day government shutdown.The end to the US government shutdown implied a shift to risk-on trade, said Rand Merchant Bank currency strategist John Cairns.Globally, investors expect more forceful market direction to only return later in the week, notably when the European Central Bank announces its latest monetary policy stance on Thursday.At 3pm‚ the R186 was bid at 8.37% from 8.38% and the R207 was at 7.005% from 7.015%.The rand was at R12.1306 to the d...
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