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Sideways Trading

GILT SUMMARY

Amid a quiet spell on the data front, gilts have traded sideways through the day.

  • Cash yields are marginally below yesterday's closing levels with the curve flat overall. Last yields: 2-year -0.0293%, 5-year -0.0396%, 10-year 0.2849%, 30-year 0.8666%.
  • The Dec-20 gilt future trades at 135.31, near the middle of the day's range (L: 135.16 / H: 135.48)
  • The DMO earlier sold GBP3.25bn of the 0.125% Jan-24 Gilt and GBP2.0bn of the 1.75% Jan-49 Gilt. A further GBP268.452mn of the 0.125% Jan-24 Gilt was taken up through the PAOF.
  • The September construction PMI print came in above expectations (56.8 vs 54.0 survey).
  • Looking ahead, monthly GDP, industrial production, construction output, the index of services and international trade data for August will be published on Friday.

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