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Heading Into Crunch Weekend

GILT SUMMARY

Gilts rallied sharply earlier in the session, but have since given up some of the morning gains. The rising risk of a no-deal Brexit is keeping gilts well supported and underpinning downside in cable.

  • Gilt yields are now 1-3bp lower on the day with the curve bull flattening. Last yields: 2-year -0.1230%, 5-year -0.0975%, 10-year 0.1756%, 30-year 0.7130%.
  • The Mar 21 gilt future trades at 135.71, towards the middle of the day's range (L: 135.45 / H: 135.99).
  • The narrative around Brexit negotiations has been overwhelmingly negative heading into the crunch weekend. Both sides have ratcheted up warnings of a no deal and there is little sign on movement over the outstanding negotiation obstacles.
  • The DMO earlier sold GBP5.00bn of 1-/3-/6-/month T-bills.
  • Looking ahead, next week sees the release of flash PMI data for December and inflation data for November, as well as labour market data for October/November.
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