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Fresh Highs, Futures Pierce Resistance

GILTS
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UK rates’ elevated beta to U.S. markets remains evident in the wake of the most recent round of U.S. data.

  • That facilitates a dovish reaction in GBP rates.
  • Gilt futures move through a couple of resistance points (98.29/46), with the contract peaking at 98.57 before easing back to the 98.45 area as of typing.
  • This represents an extension of the recent bullish move in the contract. A fresh extension would target the April 10 high (99.10).
  • Cash gilt yields extend to fresh multi-week lows across the curve, last 7.0-10.5bp lower, with the curve flattening.
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UK rates’ elevated beta to U.S. markets remains evident in the wake of the most recent round of U.S. data.

  • That facilitates a dovish reaction in GBP rates.
  • Gilt futures move through a couple of resistance points (98.29/46), with the contract peaking at 98.57 before easing back to the 98.45 area as of typing.
  • This represents an extension of the recent bullish move in the contract. A fresh extension would target the April 10 high (99.10).
  • Cash gilt yields extend to fresh multi-week lows across the curve, last 7.0-10.5bp lower, with the curve flattening.