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Rallying, Futures Below Yesterday's High

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

Gilts rally alongside global peers, following continued weakness in equity markets and crude oil.

  • Futures don’t manage to test yesterday’s highs/initial resistance (99.25), last 99.15 vs. opening highs of 99.21.
  • The technical set up in the contact remains bullish. A fresh extension higher would target the Aug 22 high (99.85).
  • Yields 2.5-3.0bp lower across the curve, with only 10s seeing a marginal breach of yesterday’s lows.
  • SONIA futures remain underpinned, last flat to +3.0, just off early session highs.
  • Final services PMI data headlines the UK calendar today, although that shouldn’t be too much of a market mover, leaving focus on wider macro headlines/cross-market swings.
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Gilts rally alongside global peers, following continued weakness in equity markets and crude oil.

  • Futures don’t manage to test yesterday’s highs/initial resistance (99.25), last 99.15 vs. opening highs of 99.21.
  • The technical set up in the contact remains bullish. A fresh extension higher would target the Aug 22 high (99.85).
  • Yields 2.5-3.0bp lower across the curve, with only 10s seeing a marginal breach of yesterday’s lows.
  • SONIA futures remain underpinned, last flat to +3.0, just off early session highs.
  • Final services PMI data headlines the UK calendar today, although that shouldn’t be too much of a market mover, leaving focus on wider macro headlines/cross-market swings.