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10-Year Yields Look Below 4.00% For First Time Since May


Initial reaction surrounding the US ADP employment print allows generic 10-Year gilt yields to show below 4.00% for the first time since the break above back in May, although the move is shallow and only shows as low as 3.993% in the first instance, with U.S. Tsys unwilling to challenge best levels of the day, at least for now

  • The Mar ’23 high (3.899%) and 50% retracement of the move from the Nov ’22 low to the ’23 YtD high (3.825%) present the next obvious downside yield targets if bulls get more traction.
  • Also note that gilt futures have breached yesterday’s high, exposing the next technical resistance level that we flagged earlier (98.78). Highs of 98.51 have been seen thus far.
  • Swap desks flag receiver interest/flows as gilt futures break yesterday’s bests.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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