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Month-end Extensions & Wider Inflation Data Eyed After Yesterday’s Recovery From Lows

GILTS
Bank Of England (BOE) Market NewsHomepageBond Market NewsBulletMarketsFixed Income Bullets

Gilt futures trade either side of 98.00 early today, little changed.

  • The recent pullback in the contract is considered corrective from a technical standpoint.
  • Yesterday’s low (97.63) presents initial support, while Wednesday’s high (98.54) presents initial resistance.
  • Yields are flat to 1bp higher.
  • SONIA futures are -2.5 to +0.5.
  • Broader core global FI markets have recovered from overnight lows that came as Biden struggled in the first U.S. Presidential debate.
  • French & Spanish HICP data met expectations, providing little for EGBs & broader bonds to trade off.
  • Modest positive revisions in the final UK Q1 GDP data also failed to impact markets.
  • Italian CPI data & U.S. PCE are eyed ahead of the weekend.
  • Elsewhere, sizeable gilt month-end index duration extension flows (based on projections) could play a part as well.
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Gilt futures trade either side of 98.00 early today, little changed.

  • The recent pullback in the contract is considered corrective from a technical standpoint.
  • Yesterday’s low (97.63) presents initial support, while Wednesday’s high (98.54) presents initial resistance.
  • Yields are flat to 1bp higher.
  • SONIA futures are -2.5 to +0.5.
  • Broader core global FI markets have recovered from overnight lows that came as Biden struggled in the first U.S. Presidential debate.
  • French & Spanish HICP data met expectations, providing little for EGBs & broader bonds to trade off.
  • Modest positive revisions in the final UK Q1 GDP data also failed to impact markets.
  • Italian CPI data & U.S. PCE are eyed ahead of the weekend.
  • Elsewhere, sizeable gilt month-end index duration extension flows (based on projections) could play a part as well.