June 05, 2024 14:43 GMT
North American Matters Dominate In Recent Trade, Tuesday Range Prevails In Futures
GILTS
North American matters drive things over the last hour or so, with gilt futures back towards lows in the wake of the ISM services survey, before stabilising.
- There was little tangible reaction to the widely, although not universally, expected BoC rate cut. Recent, initial post meeting comments from BoC Governor Macklem seem to provide some support
- Gilt futures stick within the range seen yesterday, with the previously covered Tuesday high and low providing the initial technical levels to note.
- Recent gains in the contract are still deemed corrective at this juncture.
- Yields last 0.5-2.5bp higher, with the curve bear flattening on the day.
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