Free Trial

Fiscal Headroom Levels Support

GILTS

Futures retake 99.00.

  • The initial pre-Budget uptick came alongside a similar move in wider core global FI markets.
  • Chancellor Hunt then pointed to GBP8.9bn of fiscal headroom, in the upper end of the GBP5-10bn seen by the analyst previews that we read.
  • Gilts extend their recovery from lows as a result, but the move is contained as that level is comfortably within the range of expectations.
  • Yetserday’s high of 99.41 presents the initial target for bulls.
  • Yields are unchanged to 1bp higher across the curve.
  • 10-Year yields 4.025% last, with bulls looking for a breach of yesterday’s low 3.990%
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.