June 13, 2024 13:53 GMT
Off Fresh Session Highs
GILTS
Gilt futures fail to hold a rally back above 98.00, after bulls fail to test initial resistance at yesterday’s highs. Contract last -14 at 97.87 after topping out at 98.12.
- The U.S. PPI (lower than expected) and weekly claims (higher than expected) data were the drivers of the rally, with the pullback from post-data bests in Tsys spilling into recent gilt price action.
- Yields are now 2-3bp higher on the day, taking the edge off the early sell off.
- Yesterday’s lows in yields were not threatened on the post-U.S. data rally, across all benchmarks.
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