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Futures Through Initial Resistance On U.S. JOLTS, Before Paring Back From Bests

GILTS

Gilt futures initially breached previously outlined technical resistance on the back of the softer than expected headline U.S. JOLTS job openings print, with 10-Year yields showing as low as 4.043%.

  • November 17 extremes were not breached, a generally firmer-than-expected round of ISM services data (the employment component was a little softer-than-expected) released alongside the JOLTS print would have provided a limiting factor.
  • Futures last show +110 ticks at ~97.70, 25-30 ticks shy of post-JOLTS bests.
  • Cash gilt yields are 8.5-12.5bp lower on the day, with the belly continuing to outperform and the front end lagging a little.
  • SONIA futures last flat to +10.5bp, also off post-data bests.
  • BoE-dated OIS shows flat to 11bp softer on the day through ’24 contracts.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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