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GILTS: Futures Base Around 96.00

GILTS
CEEMEABulletUKGlobalFixed Income BulletsRegionMarkets

The sell off finds some support around 96.00 in futures, with lows of 95.95 seen so far.

  • Next support at yesterday’s low (95.83), with the bearish technical impulse intact.
  • Yields ~3bp higher across the curve.
  • 10s move through yesterday’s multi-month high, printing as high as 4.247%. The break of downtrend resistance extends further, with the next target seen at the July 1 high (4.286%).
  • BNY Mellon noted that September saw the largest monthly selling of gilts by their clients since the mini-Budget weakness of ’22 (GBP3.04bln), with exposure trimmed ahead of the impending Budget release.
  • SONIA futures now +1.5 to +1.0.
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The sell off finds some support around 96.00 in futures, with lows of 95.95 seen so far.

  • Next support at yesterday’s low (95.83), with the bearish technical impulse intact.
  • Yields ~3bp higher across the curve.
  • 10s move through yesterday’s multi-month high, printing as high as 4.247%. The break of downtrend resistance extends further, with the next target seen at the July 1 high (4.286%).
  • BNY Mellon noted that September saw the largest monthly selling of gilts by their clients since the mini-Budget weakness of ’22 (GBP3.04bln), with exposure trimmed ahead of the impending Budget release.
  • SONIA futures now +1.5 to +1.0.