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GILTS: Looking To EGBs For Cues, Wider Vs. Bunds Despite Recovery From Lows

GILTS
CEEMEABulletUKMarketsFixed Income Bullets

Gilts take cues from EGB’s, rallying a little in the wake of dovish comments from ECB’s Villeroy and conciliatory fiscal offerings from French PM Barnier.

  • Futures last +15 at 95.57, bulls unable to force a retest of morning highs (95.76).
  • Short-term bullish cycle remains in play in the contract, although the structural technical trend remains bearish.
  • Initial support and resistance at 94.66 and 95.76, respectively.
  • Yields little changed across the curve on the day.
  • 10s around 4.30%, 2bp wider vs. Bunds, spread at 216bp, within 1bp of cycle closing highs (216.6bp).
  • UK headline flow remains subdued, with nothing of any real consequence on the calendar ahead of the weekend.
  • That will leave focus on wider macro inputs.
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Gilts take cues from EGB’s, rallying a little in the wake of dovish comments from ECB’s Villeroy and conciliatory fiscal offerings from French PM Barnier.

  • Futures last +15 at 95.57, bulls unable to force a retest of morning highs (95.76).
  • Short-term bullish cycle remains in play in the contract, although the structural technical trend remains bearish.
  • Initial support and resistance at 94.66 and 95.76, respectively.
  • Yields little changed across the curve on the day.
  • 10s around 4.30%, 2bp wider vs. Bunds, spread at 216bp, within 1bp of cycle closing highs (216.6bp).
  • UK headline flow remains subdued, with nothing of any real consequence on the calendar ahead of the weekend.
  • That will leave focus on wider macro inputs.