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Off Lows Ahead Of Powell

GILTS
Bank Of England (BOE) Market NewsHomepageBond Market NewsBulletMarketsFixed Income Bullets

Gilts stabilise above session lows alongside wider core global FI markets, with macro news flow remaining limited ahead of Fed Chair Powell’s impending address (15:00 London).

  • Futures stick within Monday’s range, last -33 at 97.85.
  • Our technical analyst notes that the short-term outlook for the contract remains bearish, despite the recent gains. Initial support at the July 4 low (97.32).
  • Yields are 0.5-3.5bp higher across the curve, light steepening seen.
  • SONIA futures are flat to -3.0, while BoE-dated OIS is little changed, showing ~14.5bp of cuts for August and ~47bp of easing through year end.
  • Dovish flows continue dominate in SONIA options, with August cut plays remaining in vogue for a second consecutive week.
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Gilts stabilise above session lows alongside wider core global FI markets, with macro news flow remaining limited ahead of Fed Chair Powell’s impending address (15:00 London).

  • Futures stick within Monday’s range, last -33 at 97.85.
  • Our technical analyst notes that the short-term outlook for the contract remains bearish, despite the recent gains. Initial support at the July 4 low (97.32).
  • Yields are 0.5-3.5bp higher across the curve, light steepening seen.
  • SONIA futures are flat to -3.0, while BoE-dated OIS is little changed, showing ~14.5bp of cuts for August and ~47bp of easing through year end.
  • Dovish flows continue dominate in SONIA options, with August cut plays remaining in vogue for a second consecutive week.