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GILTS: Weaker As Monday Risk-off Unwinds, Curve Bear Flattens

GILTS
CEEMEABulletUKGlobalFixed Income BulletsRegion
  • The overnight recovery in global equity futures has prompted a modest unwind of recent risk-off flows, while a hawkish-leaning RBA decision may have also factored in. Gilts are -51 ticks versus yesterday’s settlement at 99.95, having now more-than-erased gains made over the last two trading sessions.
  • Initial key support in Gilts lies at 99.23, the Jun 21 high. A pullback to this level would be considered corrective and this would allow an overbought trend condition to unwind.
  • The Gilt curve has bear flattened, with 2s10s unwinding most of yesterday’s bull steepening. 2-year yields are +5.5bps, while 30-year yields are +1.5bps higher at typing.
  • This morning, the DMO will look to sell GBP2bln of the 4.75% Oct-43 Gilt.
  • A reminder that there is no tier 1 UK data due this week, leaving broader market sentiment and offshore matters at the fore for Gilts.
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  • The overnight recovery in global equity futures has prompted a modest unwind of recent risk-off flows, while a hawkish-leaning RBA decision may have also factored in. Gilts are -51 ticks versus yesterday’s settlement at 99.95, having now more-than-erased gains made over the last two trading sessions.
  • Initial key support in Gilts lies at 99.23, the Jun 21 high. A pullback to this level would be considered corrective and this would allow an overbought trend condition to unwind.
  • The Gilt curve has bear flattened, with 2s10s unwinding most of yesterday’s bull steepening. 2-year yields are +5.5bps, while 30-year yields are +1.5bps higher at typing.
  • This morning, the DMO will look to sell GBP2bln of the 4.75% Oct-43 Gilt.
  • A reminder that there is no tier 1 UK data due this week, leaving broader market sentiment and offshore matters at the fore for Gilts.