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Firmer Start, No Major Surprises From DMO, Focus Moves Back To Macro

GILTS
Bank Of England (BOE) Market NewsHomepageBond Market NewsBulletMarketsFixed Income Bullets

Gilts rally away from yesterday’s lows, +24 at 98.73.

  • The technical backdrop is still bullish. Initial resistance at this week’s high (99.21), while support comes in at yesterday’s low (98.44).
  • Yields 1-2bp lower across the curve.
  • The DMO’s quarterly issuance calendar did not provide any real shocks.
  • The most meaningful surprise probably came via the announcement of a consultation to gather views on continuing demand for a short conventional gilt tender (for a maturity of under three years) in the coming period
  • Elsewhere, the OBR has highlighted the need for public investment, with broader concerns surrounding a restrictive Autumn Budget well-documented.
  • Lower tier domestic data will continue to filter out this morning but shouldn’t be market moving.
  • European inflation and U.S. PCE data provide the key macro inputs ahead of the weekend.
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Gilts rally away from yesterday’s lows, +24 at 98.73.

  • The technical backdrop is still bullish. Initial resistance at this week’s high (99.21), while support comes in at yesterday’s low (98.44).
  • Yields 1-2bp lower across the curve.
  • The DMO’s quarterly issuance calendar did not provide any real shocks.
  • The most meaningful surprise probably came via the announcement of a consultation to gather views on continuing demand for a short conventional gilt tender (for a maturity of under three years) in the coming period
  • Elsewhere, the OBR has highlighted the need for public investment, with broader concerns surrounding a restrictive Autumn Budget well-documented.
  • Lower tier domestic data will continue to filter out this morning but shouldn’t be market moving.
  • European inflation and U.S. PCE data provide the key macro inputs ahead of the weekend.