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Risk-Off Rally Extends Further

GILTS
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Little to add when it comes to drivers for gilts, with continued risk-off price action, centred on France, underpinning.

  • Futures print as high as 99.03, with next resistance now at the 1.236 projection of the May 29 - Jun 4 - 10 price swing (99.25).
  • Cash gilt yields are 5-8bp softer on the day, as the curve bull flattens.
  • 2-Year yields have moved closer to their April 4 low.
  • Bulls look to force meaningful breaks of May lows in remaining benchmark yields
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Little to add when it comes to drivers for gilts, with continued risk-off price action, centred on France, underpinning.

  • Futures print as high as 99.03, with next resistance now at the 1.236 projection of the May 29 - Jun 4 - 10 price swing (99.25).
  • Cash gilt yields are 5-8bp softer on the day, as the curve bull flattens.
  • 2-Year yields have moved closer to their April 4 low.
  • Bulls look to force meaningful breaks of May lows in remaining benchmark yields