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Gilt futures break through further tech support levels; SONIA futures stabilize

UK
  • Gilt futures continue to tick lower after the BOE confirmed that active gilt sales would begin in October. We have now broken through the 102.54 support level our technical analyst pointed to earlier - the 2.382 projection of the Aug 22-24-26 price swing.
  • However SONIA futures have stabilized:
    • Dec-22 SONIA futures contract trading at 96.105 - up 12.5 ticks from 95.98 prior to the decision.
    • Jun-23 SONIA futures at 95.115 - it spiked as high as 95.20 and was 95.07 prior to the decision so is up 4.5 ticks. However, this is still lower on the day (i.e. the BOE reaction did not outweigh the Fed's dots).
    • This is the same for other SONIA Reds / Greens / Blues - all are higher post-BOE but are generally down 11-12 ticks on the day taking into account yesterday's Fed decision.
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