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Firmer Start, PMIs Eyed

GILTS
HomepageBond Market NewsBulletMarketsFixed Income Bullets

Gilt futures trade higher alongside peers, but don’t test yesterday’s high (99.00) and more meaningful resistance just above (99.05), last +22 at 98.92.

  • Cash gilt yields are 1.5-3.0bp lower across the curve, light flattening seen.
  • Most of yesterday’s post-BoE dovish adjustment has stuck in the short end, with focus on the confirmation that yesterday’s decision was “finely balanced” for some MPC members remaining evident.
  • Slightly lower-than-expected PSNB data (coupled with lower revisions) is gilt supportive, at the margin.
  • Little lasting impact when it comes to the firmer-than-expected UK retail sales print. The volatile data series isn’t expected to impact monetary policy.
  • Elsewhere, the GfK consumer confidence index moved to the highest level seen in around two and a half years, although remains in negative territory. There may be an element of election-linked hope in the latest uptick The release shouldn’t be a market mover.
  • Flash PMI data headlines the UK calendar during the remainder of the day.
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Gilt futures trade higher alongside peers, but don’t test yesterday’s high (99.00) and more meaningful resistance just above (99.05), last +22 at 98.92.

  • Cash gilt yields are 1.5-3.0bp lower across the curve, light flattening seen.
  • Most of yesterday’s post-BoE dovish adjustment has stuck in the short end, with focus on the confirmation that yesterday’s decision was “finely balanced” for some MPC members remaining evident.
  • Slightly lower-than-expected PSNB data (coupled with lower revisions) is gilt supportive, at the margin.
  • Little lasting impact when it comes to the firmer-than-expected UK retail sales print. The volatile data series isn’t expected to impact monetary policy.
  • Elsewhere, the GfK consumer confidence index moved to the highest level seen in around two and a half years, although remains in negative territory. There may be an element of election-linked hope in the latest uptick The release shouldn’t be a market mover.
  • Flash PMI data headlines the UK calendar during the remainder of the day.