South African government bonds firmed on Monday morning, in line with the rand, amid risk-on trade in global markets. US data last week missed the mark slightly, with investors now suspecting that the US Federal Reserve may not raise interest rates as fast as expected. Risk-assets have gained as a result, with the rand at a three-week high against the greenback on Monday morning. Focus will now turn to economic data releases, analysts said, including US retail sales data on Tuesday. Domestic retail sales data are due on Wednesday, while an eye is also being kept on the North West province, which has been put under administration. Foreigners have been net-sellers lately, but local demand has been strong, analysts said, with the bond market generally supported by global conditions. A stable global macro backdrop would give locals more confidence to buy, and will help ensure that there was no panicked risk-off move in yields, Rand Merchant Bank bond analyst Gordon Kerr said. At 10am, t...
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