May 22, 2024 12:55 GMT
Early Lows Hold In Futures
GILTS
Early session lows of 96.83 in futures hold on the first test, before a recovery to 96.96.
- We note that SONIA futures haven’t retested early lows on the move, albeit with most contracts remaining comfortably lower on the day (flat to -16.0).
- This points to the broader global FI downtick as the driving force in recent trade, as opposed to a fresh round of hawkish BoE repricing.
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