TreasuryOne Market Data Report Time: 08:31 Date: 2015/11/18 Currencies USD/ZAR EUR/ZAR GBP/ZAR AUD/ZAR EUR/USD ZAR/JPY

Prior Day Closing (2015/11/17) 14.2774 15.201 21.7268 10.1674 1.0647 8.6432

Current (2015/11/18) 14.3009 15.2247 21.74 10.1538 1.0647 8.622

Libor Rates (2015/11/16) 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 (2015/10/29) 5.780 6.142 6.317 6.842 7.458 6.000 9.500

Prior Day Closing (2015/11/17) 5.770 6.142 6.342 6.975 7.675 6.000 9.500

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 (2015/10/29) 1 146.56 15 890.54 510 880.95

Current (2015/11/18) 1 070.85 15 312.98 492 312.32

Gold Forwards Gold 1Y FWD USD/oz Gold 2Y FWD USD/oz Gold 3Y FWD USD/oz

Prior Month Closing (2015/10/29) 1 146.84 1 147.01 1 147.11

Current (2015/11/18) 1 071.18 1 071.40 1 071.60

Gold Forwards Gold 1Y FWD ZAR/oz Gold 2Y FWD ZAR/oz Gold 3Y FWD ZAR/oz

Prior Month Closing (2015/10/29) 16 965.78 18 183.21 19 363.45

Current (2015/11/18) 16 362.44 17 507.96 18 710.56

Prior Month Closing (2015/10/29) 8.385 7.057 7.704

Prior Day Closing (2015/11/17) 8.542 7.292 7.917

Prior Month Closing (2015/10/29) 2.173 1.921 0.300

Prior Day Closing (2015/11/17) 2.267 1.976 0.299

Bond Rates R186 R 203 R207

10 Year Treasury Yields USD EUR JPY Market Commentary

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 0.1993 0.2820 0.3641 0.6028 0.9324

EUR Libor -0.1514 -0.1136 -0.0950 -0.0221 0.0721

Prior Month Closing (2015/10/29) 6.570 6.740 7.000 7.150 7.340 7.470 7.630

Prior Day Closing (2015/11/17) 6.660 6.890 7.200 7.380 7.610 7.750 7.900

Prior Month Closing (2015/10/29)

EURIBOR -0.1390 -0.1030 -0.0860 -0.0130 0.0770

Prior Day Closing (2015/11/17)

6.6501 6.9996 7.2850 7.4950 7.6750 7.8280 7.9580 8.0680 8.1650 8.2500 8.3955 8.5380 8.5750 8.5325

6.7676 7.1930 7.4990 7.7250 7.9050 8.0550 8.1750 8.2750 8.3700 8.4550 8.6040 8.7430 8.7650 8.7325

Prior Month Closing (2015/10/29) 49.59 35.50 5 161.00 15.59 991.30 770.00 520.00

Current (2015/11/18) 43.92 36.00 4 700.00 14.22 849.90 740.00 520.00

42.00 10 364.00

42.00 9 068.00

The Rand along with other Emerging Market Currencies managed to stage a slight come back yesterday before the US Inflation number for October was printed. The Rand managed to rally to a low of 14.21 yesterday despite the hammering resource stocks on the JSE were dealt yesterday. Gold mining shares were the worst hit with a collective decline of 4.4% in the index. The Rand has however given away most of the gains as the pendulum has once again moved back to risk-off. Asian shares are mixed this morning, and US equities were flat overnight after promising US Inflation figures are adding support to the US Fed’s desire to raise interest rates in December. All but one of the inflation figures published yesterday are showing signs of an economy entering a cycle of monetary tightening. The headline figure of 0.2% is still a good number, but when compared to the figures that exclude the effects of food and especially the drag of energy, it doesn’t provide the same motivation for a rate hike just yet. One of the factors causing the headline figure to lag its core figure relatives is the continual slump in commodity prices and more specifically the slump in oil prices as excess stocks continue pile yet with no demand to match the supply. Brent crude is trading below $44 per barrel as stockpiles across the globe are continuing to rise week on week. US crude stockpiles have increased for the 8th week in a row. Copper prices have also slid over the past month as fears of a slowdown in global growth and a hike by the US Fed weigh it down, along with platinum and palladium prices. It’s as if the market believes China isn’t growing at all when, in fact, it is just growing at a pace that cannot consume the levels of commodity production we have become addicted to over the last decade. The biggest data events today will be the local inflation figure for October and the US Fed minutes from last month. Local inflation is expected to be 4.7%, well within the target band, and shouldn’t give the SARB any reason to hike just yet. The SARB meets tomorrow to decide on local interest rates, and it is expected that they will convey a hawkish tone in a feeble attempt to talk up the Rand. A hike in January seems more likely, though. The US Fed minutes will give us insight into how serious the members are about hiking in December. The Rand should trade risk off today as equities gave little momentum for gains and stuttering commodities weigh on the economy. Add to this a Dollar that is very much rampant at the moment and several headwinds come to the fore that will put the Rand under pressure and prevent it from making any meaningful gains.

18 Nov TreasuryOne Daily.pdf

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