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Reversal, With UK Long-End Weakness In Focus Again

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Yields have reversed higher Wednesday after the rally earlier in the week, with the UK long end continuing its dramatic underperformance.

  • USTs are outperforming amid a broader risk-off move including a broadly stronger USD.
  • A global focal point continues to be 30Y Gilt yields which rose by as much as 20bp, last up 11bp, in volatile trade.
  • Earlier, EGBs were underpinned to a modest degree by weak Italy and Spain service PMIs and final Eurozone readings seeing weaker revisions, though UK PMI saw an upward revision.
  • Attention for the rest of the session paid to UK PM Truss's conference speech, a non-monetary policy ECB meeting, and US ADP Employment and ISM services. Fed's Kashkari and Bostic also appear.

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Yields have reversed higher Wednesday after the rally earlier in the week, with the UK long end continuing its dramatic underperformance.

  • USTs are outperforming amid a broader risk-off move including a broadly stronger USD.
  • A global focal point continues to be 30Y Gilt yields which rose by as much as 20bp, last up 11bp, in volatile trade.
  • Earlier, EGBs were underpinned to a modest degree by weak Italy and Spain service PMIs and final Eurozone readings seeing weaker revisions, though UK PMI saw an upward revision.
  • Attention for the rest of the session paid to UK PM Truss's conference speech, a non-monetary policy ECB meeting, and US ADP Employment and ISM services. Fed's Kashkari and Bostic also appear.

Latest levels:

Keep reading...Show less