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Flirting with 200-dma after hitting highest level since 6 February

GILTS
  • Gilt futures have broken above their highs of the week as core FI rallies. They have broken above the 200-day moving average which comes in at 106.19, they are now flirting with the level. Today's intraday high of 106.67 is the highest since 6 February.
  • Focus is already beginning to turn to next week's BOE meeting, where markets are now pricing in less than 10bp (i.e. pricing a hold as the most likely outcome).
  • This has led to a bull steepening of the curve today.
  • 2y yields down -21.9bp today at 3.178%
  • 5y yields down -21.7bp today at 3.113%
  • 10y yields down -19.1bp today at 3.231%
  • 30y yields down -15.6bp today at 3.692%
  • 2s10s up 2.8bp today at -0.3.bp
  • 10s30s up 3.5bp today at 46.1bp

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