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/ GILTS: Huge moves today

SONIA
  • Some huge moves in SONIA futures today with Reds / Greens up as much as 20 ticks on the day.
  • The move initially was following Euribor this morning - coming off the back of less hawkish than expected Holzmann comments.
  • There is also continued focus on the strikes in the UK and the impact on growth - there have been lots of negative headlines coming out from unions about negotiations going badly, and hence potential for more disruption.
  • The other thing is the continued warm weather and energy prices not going up so much in UK/Europe as expected. So we might not see as much of a price increase for consumers in April - which would mean less inflation.
  • Also some possible position squaring ahead of tomorrow's US CPI print.
  • Other than the Holzmann comments, none of these themes are particularly new and the moves are impacting the entire gilt curve. The gilt curve is also seeing continued follow through from yesterday's huge BOE Financial Stability Sales operation - where the vast majority of remaining holdings were sold.
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