Early Range Prevails In Futures

Futures sit a little firmer than pre-U.S. data/QRA levels, but the move has been very modest in that window. The contract found a base after the morning pullback from best levels and haw settled into the early range in the time since, last +47 at 99.35, just below the middle of its 45-tick range.

• A reminder that the early move higher saw the contract through the 20-day EMA (99.34) and yesterday’s high (99.55), before the pullback. Round number resistance at 100.00 remains untested.
• Cash gilt yields sit 2.0-4.5bp lower, bull steepening.
• SONIA futures are 0.5 to 8.0bp firmer through the blues.
• BoE-dated OIS is flat to 5bp softer on the day, showing 107.5bp of cuts through ’24.