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A Little Firmer After U.S. Retail Sales, Ranges Remain Contained

GILTS

Gilt futures faded the bulk of the initial knee-jerk move higher seen on the U.S. retail sales data, as the totality of the U.S. data that crossed at the same time is digested, before showing higher once again.

  • The contract last shows +60, a little above the middle of the 59-tick session range. Bulls failed to test early session highs on the latest show higher. Cash gilt yields are 3-5bp lower on the day, with 10s outperforming.
  • Participants continue to look through ongoing comments from BoE’s Greene, with MPC colleague (and hawkish dissenter) Mann due imminently.
  • BoE-dated OIS sees some dovish spill over from the U.S. data, with ~82bp of cuts showing vs. 77bp pre-data.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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