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EURGBP TECHS

Pullback Considered Corrective

AUSSIE BONDS

Back From Best Levels On Bid In Equities

UK

Timeline of key events (Times BST)

GBPUSD TECHS

Downtrend Remains Intact

EUROZONE

Timeline of key events (Times BST)

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GILT SUMMARY
GILT SUMMARY: Gilts have started Thursday trading on a higher footing, supported
by release of FOMC minutes last night that highlighted concerns over lower
inflation and when the next interest rate hike should be, but agreement on
balance sheet reduction announcement. 
- Sep Gilt though is currently seen capped at around yesterday's high of 127.76,
with markets seen looking ahead to UK July retail sales for next directional
move, and is actually started to drift lower.
- Markets are anticipating a slowing in retail sales for July after a stronger
than expected 0.6% m/m rise in June, with MNI median forecasting a 0.3% m/m rise
in total sales. Risks seen to the downside though due to poor weather.
- 10-yr Gilt yield continues to trade comfortably below its 100-DMA of 1.12% at
1.089% which is 1.5bp lower than Wednesday closing level.
- There has been some light selling in the Sep/Dec Gilt roll so far this morning
at 1.00 with a total of around 7.5k sold on screens.

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