A Little Softer

Gilt futures move away from yesterday’s high, catching up to moves in core global FI peers.

• The contract last -8 at 99.18, early range of 99.04-99.27.
• The recent rally in the contract has eased the bearish pressure, with bulls needing to break 99.52 to turn the focus higher.
• Initial support seen at the 98.33, the Mar 5 low.
• Gilt yields are 1.5-2.5bp higher across the curve.
• SONIA under light pressure alongside gilts, last unchanged to 3.5bp lower.
• BoE-dated OIS shows 61.5bp of ’24 cuts vs. ~63bp pre-gilt open.
• Discussions surrounding yesterday's Budget continue to dominate.
• UK Halifax house price data lodged a fifth consecutive M/M rise.
• The latest BoE DMP survey headlines the UK calendar today.
• Spill over surrounding the ECB decision will be eyed this afternoon.