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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
GILTS
Gilt futures are back from early highs, with recent pressure coming from firmer-than-expected Italian & Eurozone CPI readings.
- Heightened tension in the Middle East, as well as softer-than-expected French & Australian CPI data, drove the early rally.
- The rally stopped shy of key resistance at the June 21 high (99.23), with the contract back to 98.88 vs. best levels of 99.16, last ~15 ticks higher on the day.
- Yields last 1-3bp lower across the curve, bull steepening.
- Gilt bulls couldn’t hold a move below 4.00% in 10-Year yields, with the early April low in 10s (3.978%) remaining untouched.
- SONIA futures last unchanged to +6.0, back from highs alongside gilts.
- BoE-dated OIS shows 13bp of cuts for tomorrow’s meeting and ~54bp of easing through year end, little changed and ~2bp lower on the day respectively.
- Our full BoE preview can be found here.
Fig. 1: 10-Year Gilt Yield (%)
Source: MNI - Market News/Bloomberg
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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