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PREVIEW: 30-Year JGB Supply Due

IDR

Fresh Cycle Highs For Spot USD/IDR

THB

Baht Sales Continue

GOLD

Higher Post-CPI

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GILT SUMMARY
GILT SUMMARY: Gilts are trading lower with yields in the region of 1.5bp higher
across the curve weighed by mild risk-on flows despite renewed global trade and
US/NK summit concerns, as markets react favourably to announcement of new Italy
PM for now. Better than expected UK retail sales and a Times story saying that
UK might ask for extension of transition period also seen weighing.
- 2-yr Gilt yield +1.5bp at 0.785%, 5-yr +1.6bp at 1.14%, 10-yr +1.5bps at
1.447%, 30-yr +1.4bps at 1.874% & 50-yr +1.5bps at 1.675% according to Tradeweb
- Gilt June future opened lower, taking cue from fall in German Bunds as markets
took positives from Italy PM announcement and news that a more moderate Luigi
Zingales could become finance minister. The Times news story said that Theresa
May will ask the European Union for a second Brexit transition period to run
until 2023 to avoid a hard border in Ireland.
- The future then spiked lower in reaction to UK retail sales rising 1.6% m/m in
April compared to forecast for a 0.9% rise with all categories seeing a rise.
- Short sterling strip has bear steepened as green and blue contracts are lower
by 2/3 ticks paring sharp gains seen on Wednesday. 

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