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Sideways Trading

GILT SUMMARY

Following a strong start, gilts subsequently traded sideways for much of the session with yields starting to drift higher shortly after 1500GMT.

  • Cash yields are now broadly 1-3bp lower on the day with the curve 2-3bp flatter. Last yields: 2-year 0.0557%, 5-year 0.2943%, 10-year 0.7149%, 30-year 1.2486%.
  • The Sep 21 gilt future trades at 128.10, 5 ticks off the day's low.
  • After US President Joe Biden expressed concern over UK-EU wrangling over Northern Ireland border checks, leaders of the G7 are expected to raise the pressure on UK PM Boris Johnson to resolve the NI protocol issue.
  • Data published this morning showed UK economic growth picking up in April with real GDP expanding 2.3% M/M vs 2.1% the previous month.
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