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Gilts and Pound

  • Better selling of the longer end in Gilts, push the curve back steeper.2/10s trends above yesterday's high, while 5/30s retrace back towards the 38.2% retracement of the May-June flattening.
  • We are seeing similar price action with GBP better bid on short covers, as investors and market participant's attention turns to the BoE.
  • Underperformance in Gilts push the 10yr spreads vs Germany 1.4bps wider, now at 95.6bps.

Chart source: Bloomberg

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