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GILTS: Futures Test First Reisstance

GILTS
CEEMEABulletUKGlobalFixed Income BulletsRegionMarkets

Gilts tick higher at the open, trading as high as 101.51.

  • The technical setup remains bullish. Resistance at the Sep 12 high (101.51) is being probed. The level protects a Fibonacci projection (101.78).
  • Yields 2-3bp lower across the curve.
  • STIR pricing in line with a little more dovish vs. pre-gilt open levels, SONIA futures little changed to +3.0, BoE-dated OIS showing ~53bp of cuts through year-end.
  • Cross-market cues remain at the fore.
  • Event risk set to ramp up over the next couple of days, with domestic CPI & the latest Fed decision due tomorrow, followed by the BoE decision on Thursday.
  • Our full CPI preview is here.
  • On the supply front, the DMO will come to market with GBP2.25bln of the 4.375% Jul-54 gilt.
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Gilts tick higher at the open, trading as high as 101.51.

  • The technical setup remains bullish. Resistance at the Sep 12 high (101.51) is being probed. The level protects a Fibonacci projection (101.78).
  • Yields 2-3bp lower across the curve.
  • STIR pricing in line with a little more dovish vs. pre-gilt open levels, SONIA futures little changed to +3.0, BoE-dated OIS showing ~53bp of cuts through year-end.
  • Cross-market cues remain at the fore.
  • Event risk set to ramp up over the next couple of days, with domestic CPI & the latest Fed decision due tomorrow, followed by the BoE decision on Thursday.
  • Our full CPI preview is here.
  • On the supply front, the DMO will come to market with GBP2.25bln of the 4.375% Jul-54 gilt.