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Off Best Levels But Still Firmer On Day


A lack of willingness to push for a test of 4.00% in 10-Year gilt yields on the part of bulls and no real willingness to push BoE pricing too far beyond 75bp of cuts during ’24 capped the London morning rally.

  • That was before the North American data-inspired bid seen elsewhere fed in.
  • Gilt futures haven’t managed to challenge best levels and last show +62 at 97.92, 10 ticks off best levels of the day.
  • Meaningful technical parameters in the contract remain unchanged.
  • Cash gilt yields are 5.0-7.5bp lower as the curve bull steepens.
  • 2s10s and 5s30 both operate within respective existing Feb ranges.
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