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Firmer On U.S. Retail Sales

GILTS
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Gilts rally on the back of the soft U.S. retail sales data, with the contract trading to a fresh session high of 98.75, before fading back to 98.65.

  • A clean break of Friday’s high (99.05) is needed to extend the recent bullish move.
  • Cash gilt yields are now 4-5bp lower on the day.
  • Last week’s lows haven’t been tested in any of the major benchmark yields.
  • The curve is incrementally flatter on the day, with 2s10s operating a little below recent cycle highs and 5s30s remaining rangebound.
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Gilts rally on the back of the soft U.S. retail sales data, with the contract trading to a fresh session high of 98.75, before fading back to 98.65.

  • A clean break of Friday’s high (99.05) is needed to extend the recent bullish move.
  • Cash gilt yields are now 4-5bp lower on the day.
  • Last week’s lows haven’t been tested in any of the major benchmark yields.
  • The curve is incrementally flatter on the day, with 2s10s operating a little below recent cycle highs and 5s30s remaining rangebound.