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UniCredit on CRBT Decision


1.00% May-38 Bund


Looking ahead to the Fed Minutes


USD bid is the early story of the day

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GILT SUMMARY: Gilts are trading sharply higher supported by safe-haven buying as
markets fret over renewed Italian political risk, US/China trade, US/N.Korea
summit delays and soft Eurozone and UK data. The 10-yr part of the curve has led
the move higher, pivoting the yield curve.
- 2-yr Gilt yield is -3.1bp at 0.804%, 5-yr -4.9bp at 1.152%, 10-yr -6.7bps at
1.454%, 30-yr -4.7bps at 1.879% and 50-yr -3.5bps at 1.678% according to
- Gilts opened higher tacking cue from rally in US Treasuries and German Bunds
on renewed concerns over US/China dispute and possible delay in US summit
meeting with N.Korea. Soft Eurozone flash PMI's and sharp fall in BTPs then
supported further risk-off buying, all before release of UK CPI data.
- The sharp move in Gilts meant there was little reaction to UK CPI surprising
to the downside (headline at 2.4% yy/y and core 2.1% y/y).
- Short sterling strip has flattened with blue contract 5 to 6 ticks higher,
while chance of a rate hike in Nov has fallen to 73%.
- Gilt rolls have picked up in last hour with around 65k blocked at 96.5

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