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USDCAD TECHS

Pullback Considered Corrective

AUDUSD TECHS

Trend Indicators Point South

EURJPY TECHS

Bearish Focus

USDJPY TECHS

Consolidating Below Resistance

EURGBP TECHS

Approaching Key Support

#2: 1.25% Jul-51

GILT AUCTION PREVIEW
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  • Also tomorrow, the 30-year 1.25% Jul-51 gilt will be auctioned for the first time following its syndicated launch on 27 April.
  • GBP2.0bln will be on offer.
  • The GBP6.0bln April launch saw very strong demand with books of GBP69.4bln, only marginally below the GBP72.8bln seen at the launch of the previous 30-year benchmark, the 0.625% Oct-50 gilt in June 2020.
  • Looking at auctions of the 0.625% Oct-50 gilt and the 0.875% Jan-26 gilt this year, bid-to-covers have ranged from 2.17-2.54x with tails generally of 0.2-0.3bp (except the May 25-year auction which saw a tail of 0.9bp the day before the May MPC policy announcement).
  • We would expect a relatively strong auction tomorrow.
  • The 1.25% Jul-51 gilt is due to be reopened again on 3 August and 28 September.
  • Timing: Results will be available shortly after the auction closes at 11:30BST with a further GBP500mln available to successful bidders via the PAOF.