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Early Ranges Prevail, Initial Support In Futures Intact

GILTS

Gilt futures have failed to re-test this morning’s low, leaving initial support at the Jun 21 high (99.23) untouched. Contract last -41 at 99.55

  • The pullback from this week’s high represents an unwind of overbought conditions, with the technical trend remaining bullish.
  • Yields little changed to 4bp higher, steepening theme intact.
  • 2s10s hit fresh ’24 highs today, while 5s30s is still shy of its January YtD peak after failing to break above that level on Monday.
  • UK headline flow remains subdued, with no meaningful risk events scheduled until next week’s labour market and CPI data.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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