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Off Lows, PCE Eyed

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

Gilts have stabilised, with bears failing to force a test of yesterday’s low in futures.

  • That leaves the contract -4 at 95.75 and the bearish technical backdrop intact.
  • Initial support & resistance at Wednesday’s low & high, respectively, remain untouched.
  • Cash gilt yields are little changed to 2bp higher across the curve.
  • SONIA futures are essentially unchanged through the blue, while BoE-dated OIS shows ~30bp of ’24 cuts.
  • Firmer-than-expected European CPI data has provided the major fundamental focus thus far, although ranges in GBP rates markets remain tight.
  • Spill over from the impending U.S. PCE release has the potential to change that.
  • Gilt month-end extensions are not seen as meaningful but may provide some modest background support later in the day.
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Gilts have stabilised, with bears failing to force a test of yesterday’s low in futures.

  • That leaves the contract -4 at 95.75 and the bearish technical backdrop intact.
  • Initial support & resistance at Wednesday’s low & high, respectively, remain untouched.
  • Cash gilt yields are little changed to 2bp higher across the curve.
  • SONIA futures are essentially unchanged through the blue, while BoE-dated OIS shows ~30bp of ’24 cuts.
  • Firmer-than-expected European CPI data has provided the major fundamental focus thus far, although ranges in GBP rates markets remain tight.
  • Spill over from the impending U.S. PCE release has the potential to change that.
  • Gilt month-end extensions are not seen as meaningful but may provide some modest background support later in the day.