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Little Changed On Day, Wider Markets Drive Limited Moves

GILTS

Little to really drive gilts from an idiosyncratic standpoint today, with swings in wider core global FI markets at the fore.

  • Futures last flat at 98.16, around the middle of a 34-tick range.
  • Friday’s high in the contract was breached earlier today, but the move failed to close Friday’s opening gap lower.
  • That leaves Thursday’s high and low as initial support and resistance.
  • Cash gilt yields are within 1bp of unchanged levels across the curve, light twist steepening seen.
  • No reaction to decent demand at the latest short-dated round of BoE APF sales.
  • SONIA futures -0.5 to +1.5. Little net movement in BoE-dated OIS on the day, leaving 11bp of cuts showing through the Aug meeting and ~48bp through Dec.
  • Local focus remains on CPI (Wednesday) and labour market data (Thursday), expect our preview tomorrow.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Bank Of England (BOE) Market NewsHomepageBond Market NewsBulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Bank Of England (BOE) Market NewsHomepageBond Market NewsBulletMarketsFixed Income Bullets

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