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Off Highs, But Still Outperforming Peers Following BoE

GILTS
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While gilts have pulled back from session highs alongside bonds, they continue to outperform core global FI peers.

  • The contained, dovish repricing in GBP STIRs following the BoE decision has promoted that relative outperformance.
  • Futures trade just below the middle of their session range, +7 at 98.59.
  • Initial support and resistance (98.21/99.05) remain untouched.
  • Gilt yields are -2bp to +3bp, with the curve twist steepening.
  • 2s10s sticks to its recent range, while 5s30s moves towards its April high.
  • Markets will be attentive to post-election BoE rhetoric (the blackout ends after the July 4 election), looking for clues for trigger points to greenlight cuts from any of the MPC voters that were close to voting for a cut today (if they reveal themselves).
  • Flash PMI data and retail sales headline the UK calendar tomorrow
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While gilts have pulled back from session highs alongside bonds, they continue to outperform core global FI peers.

  • The contained, dovish repricing in GBP STIRs following the BoE decision has promoted that relative outperformance.
  • Futures trade just below the middle of their session range, +7 at 98.59.
  • Initial support and resistance (98.21/99.05) remain untouched.
  • Gilt yields are -2bp to +3bp, with the curve twist steepening.
  • 2s10s sticks to its recent range, while 5s30s moves towards its April high.
  • Markets will be attentive to post-election BoE rhetoric (the blackout ends after the July 4 election), looking for clues for trigger points to greenlight cuts from any of the MPC voters that were close to voting for a cut today (if they reveal themselves).
  • Flash PMI data and retail sales headline the UK calendar tomorrow