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Recovering Alongside Tsys

GILTS
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Gilts also rally on the back of the U.S. data.

  • Futures more than reverse this morning’s losses to trade +17 at 98.14 (vs. recovery highs of 98.20).
  • The 20-day EMA has been retaken after yesterday’s close below, negating some of the bearish technical threat.
  • Cash gilt yields are 0.5-2.5bp lower, with 5s lagging.
  • 10s and 30s outperform their major European peers.
  • The 10-Year Gilt/Bund spread holds within its June closing range (160-170bp).
  • Final Q1 UK GDP data is due tomorrow, but that shouldn’t be a major market mover.
  • More focus is set to fall on spill over from European national CPI and U.S. PCE data.
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Gilts also rally on the back of the U.S. data.

  • Futures more than reverse this morning’s losses to trade +17 at 98.14 (vs. recovery highs of 98.20).
  • The 20-day EMA has been retaken after yesterday’s close below, negating some of the bearish technical threat.
  • Cash gilt yields are 0.5-2.5bp lower, with 5s lagging.
  • 10s and 30s outperform their major European peers.
  • The 10-Year Gilt/Bund spread holds within its June closing range (160-170bp).
  • Final Q1 UK GDP data is due tomorrow, but that shouldn’t be a major market mover.
  • More focus is set to fall on spill over from European national CPI and U.S. PCE data.