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GILTS: Watching Europe

GILTS
CEEMEABulletUKMarketsFixed Income Bullets

Gilts initially firmed alongside core global FI peers as French political and fiscal risks asserted themselves, before hawkish commentary from ECB Executive Board member Schnabel weighed.

  • Futures (H5) breached initial resistance at the Monday high (95.42), peaking at 95.57 before fading to 95.25.
  • Recovery from lows then seen, contract last +47 on the day at 95.40.
  • Zooming out, the trend condition in Gilt futures remains bearish, however, a corrective cycle is in play and this week’s climb reinforces current bullish conditions.
  • Initial resistance at today’s high (95.57), with initial support at Monday’s low (94.66).
  • Yields 3-4bp lower across the curve.
  • SONIA futures off early highs, but still flat to +5.0.
  • Late Tuesday FT interview with BoE’s Lombardelli wasn’t a market mover.
  • Little of note on the UK calendar today, will leave participants focused on macro/cross-market inputs.
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Gilts initially firmed alongside core global FI peers as French political and fiscal risks asserted themselves, before hawkish commentary from ECB Executive Board member Schnabel weighed.

  • Futures (H5) breached initial resistance at the Monday high (95.42), peaking at 95.57 before fading to 95.25.
  • Recovery from lows then seen, contract last +47 on the day at 95.40.
  • Zooming out, the trend condition in Gilt futures remains bearish, however, a corrective cycle is in play and this week’s climb reinforces current bullish conditions.
  • Initial resistance at today’s high (95.57), with initial support at Monday’s low (94.66).
  • Yields 3-4bp lower across the curve.
  • SONIA futures off early highs, but still flat to +5.0.
  • Late Tuesday FT interview with BoE’s Lombardelli wasn’t a market mover.
  • Little of note on the UK calendar today, will leave participants focused on macro/cross-market inputs.