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A Little Firmer On The Day, But Holding Away From Highs

GILTS
Bank Of England (BOE) Market NewsHomepageBond Market NewsBulletMarketsFixed Income Bullets

Gilt futures trade around mid-range, with geopolitical risk premium easing from overnight extremes as the Israeli-Iran situation continues to avoid the worst-case scenario.

  • The contract last trades +10 or so around 96.85, sticking within yesterday’s range and leaving familiar technical parameters and the bearish backdrop intact.
  • Cash gilt yields are ~2bp lower across the curve.
  • SONIA futures are little changed on the day after the early rally faded alongside gilts.
  • BoE-dated OIS shows ~43bp of ’24 cuts, sticking to familiar ranges and only a couple of bp changed vs. yesterday’s closing levels.
  • Looking ahead, comments from BoE’s Ramsden & Mann headline the domestic calendar today.
  • Geopolitical headline flow will continue to garner heightened interest given overnight events.
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Gilt futures trade around mid-range, with geopolitical risk premium easing from overnight extremes as the Israeli-Iran situation continues to avoid the worst-case scenario.

  • The contract last trades +10 or so around 96.85, sticking within yesterday’s range and leaving familiar technical parameters and the bearish backdrop intact.
  • Cash gilt yields are ~2bp lower across the curve.
  • SONIA futures are little changed on the day after the early rally faded alongside gilts.
  • BoE-dated OIS shows ~43bp of ’24 cuts, sticking to familiar ranges and only a couple of bp changed vs. yesterday’s closing levels.
  • Looking ahead, comments from BoE’s Ramsden & Mann headline the domestic calendar today.
  • Geopolitical headline flow will continue to garner heightened interest given overnight events.