Gilts starting off Friday trade slightly on...>

GILTS: Gilts starting off Friday trade slightly on the back foot with the

short-end coming under the most selling pressure so far, weighed by expectations

BoE will rise rates by the end of the year. Gilt 10-yr yield is 1.3bp higher at

1.434% according to Tradeweb.

- BoE Broadbent was on the taps this morning saying that the overall message

from the central bank is that interest rates will rise gradually and that he

thought the weak economic growth in Q1 would be temporary but it was correct to

wait and see.

- Last night, BoE Carney said that a rise in next over the next year was the

most likely thing to happen. 

- Short sterling strip has opened 0.5 to 2 ticks lower as markets reverse some

of the 5 to 6 tick move higher seen yesterday.

- Little data or official speakers scheduled today in the UK so attention likely

to be on comments from ECB Draghi.