Futures Through Initial Resistance But Off Highs, Next Week's BoE Speakers Now Eyed

Gilt futures printed above 98.00 on a couple of occasions after the U.S. NFP release, but have faded from highs alongside Tsys, last +55 at 97.89.

• Initial resistance at Wednesday’s high (97.78) has been broken, with bulls now eying the June 28 high (98.24).
• A break of the latter would add further weight to the recent bullish move.
• Cash gilt yields are 4-6bp lower.
• SONIA futures 1.0-6.5 firmer, mostly off session highs. BoE-dated OIS shows ~15.5bp of cuts for August and ~47bp of cuts through year end.
• Next week sees focus turn to the initial rounds of post-election BoE communique, with the hawkish wing of the MPC (Pill, Mann & Haskel) set to appear.