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Pressured Alongside Wider Core FI

GILTS
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The drift lower in wider core global FI markets has weighed on gilts over the last few hours.

  • Early London swings in oil seemed to filter into pricing this morning, although that has become less of a factor in recent trade,
  • Gilt futures move through yesterday’s base as a result, with the contract showing as low as 96.43.
  • Next support is seen at the 76.4% retracement of the Apr 25-May 16 rally (96.16).
  • Yields are 2-3bp higher across the curve, breaching yesterday’s highs in the process.
  • 2s are the closest to their April highs, after getting within 1bp of their April peak during today’s sell off.
  • As noted elsewhere, futures roll activity has picked up ahead of the long weekend, with a limited amount of risk events scheduled for today.
  • ~220K of gilt rolls have traded in the calendar spread, with over 80% of that flow being sold (mostly at -18).
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The drift lower in wider core global FI markets has weighed on gilts over the last few hours.

  • Early London swings in oil seemed to filter into pricing this morning, although that has become less of a factor in recent trade,
  • Gilt futures move through yesterday’s base as a result, with the contract showing as low as 96.43.
  • Next support is seen at the 76.4% retracement of the Apr 25-May 16 rally (96.16).
  • Yields are 2-3bp higher across the curve, breaching yesterday’s highs in the process.
  • 2s are the closest to their April highs, after getting within 1bp of their April peak during today’s sell off.
  • As noted elsewhere, futures roll activity has picked up ahead of the long weekend, with a limited amount of risk events scheduled for today.
  • ~220K of gilt rolls have traded in the calendar spread, with over 80% of that flow being sold (mostly at -18).