May 09, 2024 11:26 GMT
Moving To Twist Steepening Post-BoE, Futures Stick To Recent Range & Rally Fades
GILTS
The dovish GBP STIR reaction to the BoE maintains the early steepening theme on the gilt curve, although there is a move to twist steepening from the earlier bear steepening, with yields 2bp lower to 1bp higher on the day.
- Yields are off initial knee-jerk lows, with 2s printing the lowest level seen since 10 April and 5s hitting the lowest level seen since 12 April.
- 10+-Year yields respect/fail to challenge lows seen in recent sessions.
- Futures stick within the range set in recent sessions, leaving the previously covered technical parameters untouched. Contract last -17 at 97.78 vs. highs of 98.03.
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