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US 10YR FUTURE TECHS

(U1)‌‌ Consolidation Mode

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The long end of the gilt curve has continued to firm and has underpinned the sharp flattening move

  • The short end of the curve has weakened on the day while yields at the very long end have traded down 4bp. Last yields: 2-year 0.1242%, 5-year 0.3820%, 10-year 0.7629%, 30-year 1.2173%.
  • The Sep 21 gilt future trades at 127.68, 11 ticks off the day's high.
  • Following a surprise byelection win in Chesham and Amersham by the Lib Dems, party leader Ed Davey has claimed that the Tory Blue Wall in the south of England can be toppled.
  • The EU has lost its court case against AstraZeneca over the contentious vaccine delays.
  • Looking ahead, next week sees the release of preliminary PMI data for June and the June BoE MPC meeting, which follows closely on the heels of this week's hawkish FOMC meeting.