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​Holding On To Gains

GILT SUMMARY

Gilts have remained bid through the day with the rally gaining pace after 1400GMT.

  • The ECB meeting was the main risk event of the day, but as expected very little transpired. There was no change to monetary policy or the economic outlook, with the GC committing to maintaining a higher weekly PEPP purchase rate this quarter.
  • Gilt yields are broadly 1-2bp lower in the belly and long-end with the curve 2bp flatter on the day. Last yields: 2-year 0.0291%, 5-year 0.3036%, 10-year 0.7285%, 30-year 1.2666%.
  • The Jun 21 gilt future has pushed up to a daily high of 128.94 before retracing back to 128.84.
  • Short sterling futures are broadly flat/0.5 ticks higher.
  • Looking ahead, tomorrow sees the release preliminary PMI data for April as well as retail sales and public finance data for March.
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