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GILTS: Unable To Follow Bunds Higher; 10-year Gilt/Bund Widens Over 3bps

GILTS

Gilt futures have been unable to follow Bunds higher this afternoon, slightly weaker on the day and having traded in a tight 26 tick range since midday.

  • Gilt yields are 1.5 to 2bps lower across the curve. Nonetheless, the 10-year Gilt/Bund spread has widened almost 4bps today, now just over 170bps and its widest since mid-June.
  • SONIA futures are little changed, while BoE-Dated OIS continue to price just under a 40% implied probability of a 25bp cut in August.
  • Tomorrow’s calendar includes wage data from Brightmine (released at midnight), though PMIs remain the main focus ahead of next Thursday’s meeting.
     

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