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Futures Probe Yesterday's High After Hedging Of Syndication Passes

GILTS
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Gilts have rallied, with hedging related pressure around today’s syndication out of the way (session lows in the futures came around the timing of the pricing of the syndication).

  • The broader bid for core global FI markets has also helped, with semi-core & peripheral EGBs pressured by French political uncertainty.
  • This helps underpin the early rally that came on the back of the slightly softer-than-expected labour market data.
  • Yesterday’s high (96.70) continues to provide initial resistance, with that level probed at typing.
  • A meaningful break higher would switch focus to the June 4 high (97.86)
  • Cash gilt yields are 3-6bp lower, sticking to ranges seen in recent weeks.
  • 2s10s has registered fresh ’24 steeps.
  • The Conservative Party election manifesto was in line with pre-announcements and press leaks, which, when coupled with the huge deficit the Conservatives face in the opinion polls, failed to provide any tangible market impact.
  • Monthly UK economic activity and GDP data crosses early Wednesday.
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Gilts have rallied, with hedging related pressure around today’s syndication out of the way (session lows in the futures came around the timing of the pricing of the syndication).

  • The broader bid for core global FI markets has also helped, with semi-core & peripheral EGBs pressured by French political uncertainty.
  • This helps underpin the early rally that came on the back of the slightly softer-than-expected labour market data.
  • Yesterday’s high (96.70) continues to provide initial resistance, with that level probed at typing.
  • A meaningful break higher would switch focus to the June 4 high (97.86)
  • Cash gilt yields are 3-6bp lower, sticking to ranges seen in recent weeks.
  • 2s10s has registered fresh ’24 steeps.
  • The Conservative Party election manifesto was in line with pre-announcements and press leaks, which, when coupled with the huge deficit the Conservatives face in the opinion polls, failed to provide any tangible market impact.
  • Monthly UK economic activity and GDP data crosses early Wednesday.