TreasuryOne Market Data Report Time: 08:36 Date: 2016/01/28 Currencies USD/ZAR EUR/ZAR GBP/ZAR AUD/ZAR EUR/USD ZAR/JPY

Prior Day Closing (2016/01/27) 16.3961 17.8245 23.3959 11.5873 1.0871 7.2512

Current (2016/01/28) 16.4311 17.8731 23.4087 11.5744 1.0878 7.2193

Libor Rates (2016/01/26) 1 Month 2 Month 3 Month 6 Month 12 Month

FRA Rates Interest Rates Safex O/N 1 Month Jibar 3 Month Jibar 6 Month Jibar 12 Month Jibar Repo Rate Prime Rate

Prior Month Closing (2015/12/30) 6.030 6.392 6.625 7.458 8.358 6.250 9.750

Prior Day Closing (2016/01/27) 6.020 6.433 6.658 7.542 8.458 6.250 9.750

3x6 FRA 6x9 FRA 9x12 FRA 12x15 FRA 15x18 FRA 18x21 FRA 21x24 FRA

Swap Rates Gold Gold USD/oz Gold ZAR/oz Gold ZAR/kg

Prior Month Closing (2015/12/30) 1 060.28 16 503.02 530 572.14

Current (2016/01/28) 1 118.00 18 368.12 590 535.09

Gold Forwards Gold 1Y FWD USD/oz Gold 2Y FWD USD/oz

Prior Month Closing (2015/12/30) 1 060.68 1 061.00

Current (2016/01/28) 1 118.30 1 118.50

Gold Forwards Gold 1Y FWD ZAR/oz Gold 2Y FWD ZAR/oz

Prior Month Closing (2015/12/30) 17 706.14 19 137.47

Current (2016/01/28) 19 740.21 21 365.03

R186 R 203 R207

Prior Month Closing (2015/12/30) 9.643 8.401 9.1

Prior Day Closing (2016/01/27) 9.603 8.345 9.082

10 Year Treasury Yields USD EUR JPY

Prior Month Closing (2015/12/30) 2.295 1.988 0.265

Prior Day Closing (2016/01/27) 2.000 1.710 0.214

Bond Rates

1Y 2Y 3Y 4Y 5Y 6Y 7Y 8Y 9Y 10Y 12Y 15Y 20Y 25Y

Other Commodities Brent Crude Oil per barrel Uranium per lb Copper per ton Silver Platinum Rhodium Iridium Rhutenium Nickel per ton

USD Libor 0.4306 0.5256 0.6211 0.8643 1.1512

EUR Libor -0.2271 -0.1929 -0.1693 -0.0936 0.0150

Prior Month Closing (2015/12/30) 7.360 7.700 8.150 8.390 8.670 8.850 9.050

Prior Day Closing (2016/01/27) 7.290 7.730 7.990 8.250 8.400 8.550 8.690

Prior Month Closing (2015/12/30)

EURIBOR -0.2310 -0.1940 -0.1580 -0.0820 0.0250

Prior Day Closing (2016/01/27)

7.4474 8.0630 8.4480 8.6950 8.8800 9.0230 9.1330 9.2200 9.2950 9.3550 9.4500 9.5350 9.5330 9.4850

7.4071 7.9190 8.2520 8.5100 8.7100 8.8650 8.9900 9.0850 9.1550 9.2100 9.2875 9.3440 9.3350 9.2950

Prior Month Closing (2015/12/30) 36.87 34.40 4 715.00 13.86 871.48 660.00 520.00

Current (2016/01/28) 32.86 34.75 4 507.50 14.39 876.15 650.00 520.00

42.00 8 660.50

42.00 8 620.50

Market Commentary Equities in China are truly a mess. China's volatile stocks were lower yet again on this morning, taking losses this month to 23%. This month’s loss comes in at around CNY12 trillion or USD1.8 trillion yes that’s trillion and yes that’s USD amount. China’s state reporter still insisted that the market reactions did not reflect the real economy “sure buddy”. We are of the opinion that whether there is smoke, there is fire and that as China’s foreign debt remains rather high and very much USD this trend of constant losses is set to continue in line with the weakening of the CNY against the USD. Local and international equities enjoyed yesterday’s trade with the JSE & FTSE both up 0.82% & 0.24% respectively heading into the FOMC minutes release. The USD had mixed outcomes during Asian trade after the Fed offered little in the way of surprises yesterday. The Fed kept interest rates unchanged as expected and said that the US economy was still on track for moderate growth and a stronger labour market even with "gradual" rate increases. Overall, the statement reflects the caution that one would expect a central bank to use in the current volatile environment. But the Fed hasn't deviated from its previous message, with future moves in rates remaining in the hands of the incoming data. Today with the FOMC minutes done and dusted we remain focused on the US. This afternoon we will receive The US initial jobless claims and durable goods orders. Initial jobless claims are expected to show a strengthening labour market (282K) however durable goods orders are expected to show a weakening manufacturing sector (-0.6%) which is in line with the global trend. Locally we are also in focus today. A major focus point today is the SARB’s interest rate decision which is at a very volatile time for global markets especially for the EM’s. This is a very important day for RSA monetary matters as the market is very much focussed on this after all the shenanigans in the finance ministry of late.The other data release today is the PPI data expected to show a pressured economy with a weakening manufacturing sector again in line with the global trend. However a surprise here is not uncommon and if it is positive one, this could be very ZAR positive for short term. Look to buy USD on dips below 16.40 with a speculative order in at 16.35.

28 Jan TreasuryOne Daily.pdf

Page 1 of 1. TreasuryOne Market Data Report. Time: 08:36. Date: 2016/01/28. Libor Rates (2016/01/26) USD Libor EUR Libor EURIBOR. 1 Month 0.4306 ...

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