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Bull Put Spread

HUNGARY

'Dovish' NBH Hike Weighs on HUF

SOUTH AFRICA

Headline CPI Seen Creeping Higher

GBPUSD

Sterling Edging Lower Through European Open

GILTS
GILTS: Gilts have opened a touch higher with the yield curve seen shifting lower
by around 0.5bps as markets open with a mild risk-off tone following comments
from BoE Tenreyro and slight build up in domestic political risks.
- Last night BoE Tenreyeo appeared to be on the fence about the timing of the
next rate hike saying that it is still an open question but still saw the need
to tighten policy gradually over the next 3-yrs. Data over the next couple of
months is seen key and the decision on rates.
- Storms are gathering in UK politics again with confirmation that the EU
Withdrawal Bill will be debated in the House of Commons on June 12 where the
government hopes to vote down the 15 amendments from the House of Lords, but is
likely to find it very tough with 12 backbenchers threatening to defeat May on a
future customs arrangements.
- It has also become known that a long-awaited white paper on the future of
UK/EU relationship after Brexit, expected before the crucial June EU summit, has
been delayed. Business leaders have also weighed in warning PM May to get on
with making decisions on Brexit. 10-yr Gilt yield is unchanged at 1.295%.