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BTP TECHS: (Z2) Trading Closer To Its Recent Lows

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Approaching The 50-Day EMA

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(Z2) Trend Needle Still Points North

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Options left open to further delay the start of active gilt sales

BOE
  • We still await the BOE's Market Notice.
  • The start of active gilt sales is postponed until 31 October.
  • This is before the next MPC policy announcement due on Thursday 3 November (to try and convince the market these sales will still go ahead).
  • But it will be after the first presentations to the MPC on the macro outlook, and after they've received presentations from the Markets division on market conditions/developments/what's priced in.
  • So the signalling is here from the MPC that they want to press ahead with active gilt sales, but the optionality has been left open for a further postponement when they have more information, if they then deem it necessary.
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  • We still await the BOE's Market Notice.
  • The start of active gilt sales is postponed until 31 October.
  • This is before the next MPC policy announcement due on Thursday 3 November (to try and convince the market these sales will still go ahead).
  • But it will be after the first presentations to the MPC on the macro outlook, and after they've received presentations from the Markets division on market conditions/developments/what's priced in.
  • So the signalling is here from the MPC that they want to press ahead with active gilt sales, but the optionality has been left open for a further postponement when they have more information, if they then deem it necessary.