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GILTS: Looking Elsewhere For Cues, Off Highs

GILTS
CEEMEABulletUKGlobalFixed Income BulletsRegionMarkets

Gilts take cues from the ECB, U.S. data and early U.S. cash equity swings over the last couple of hours, with no UK news flow to note.

  • Futures did hit fresh highs of 101.50, before easing back to trade around 101.05 at typing.
  • Technical set up in the contract remains bullish, especially with the contract printing a fresh multi-month high today.
  • Yields little changed to +2bp, curve bear flattens.
  • SONIA futures little changed to -4.5.
  • BoE-dated OIS 0.5-3.5bp more hawkish on the day. ~46bp of cuts priced through year end, ~132bp of cuts showing through June.
  • The BoE/Ipsos inflation attitudes survey is due tomorrow. Don’t expect it to be a meaningful market mover intraday, but it will feed into the BoE’s assessment of wider inflationary trends.
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Gilts take cues from the ECB, U.S. data and early U.S. cash equity swings over the last couple of hours, with no UK news flow to note.

  • Futures did hit fresh highs of 101.50, before easing back to trade around 101.05 at typing.
  • Technical set up in the contract remains bullish, especially with the contract printing a fresh multi-month high today.
  • Yields little changed to +2bp, curve bear flattens.
  • SONIA futures little changed to -4.5.
  • BoE-dated OIS 0.5-3.5bp more hawkish on the day. ~46bp of cuts priced through year end, ~132bp of cuts showing through June.
  • The BoE/Ipsos inflation attitudes survey is due tomorrow. Don’t expect it to be a meaningful market mover intraday, but it will feed into the BoE’s assessment of wider inflationary trends.