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North American Matters Dominate In Recent Trade, Tuesday Range Prevails In Futures

GILTS
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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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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.