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Still Under Pressure, Futures Take Out Another Support Level

GILTS
HomepageBond Market NewsBulletMarketsFixed Income Bullets

Broader pressure in core global FI markets continues to weigh on gilts, with support at the May 1 low (95.87) breached in futures. The contract trades as low as 95.72, with bears now eying the 2.00 projection of the May 16-20-21 price swing (95.64).

  • Still, only 2- & 50-Year gilt yields have breached their recent highs, running 3-9bp higher across the curve, with bear steepening seen.
  • ’24 10-Year yield high equivalent support in futures comes in at 95.51 today.
  • Local headline flow has been fairly non-existent today, leaving broader market moves at the fore.
  • 2-Year EGB spreads to gilts are now mixed on the day after gilts widened across the board this morning, while 5+-Year gilts are still wider vs. European peers on the day.
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Broader pressure in core global FI markets continues to weigh on gilts, with support at the May 1 low (95.87) breached in futures. The contract trades as low as 95.72, with bears now eying the 2.00 projection of the May 16-20-21 price swing (95.64).

  • Still, only 2- & 50-Year gilt yields have breached their recent highs, running 3-9bp higher across the curve, with bear steepening seen.
  • ’24 10-Year yield high equivalent support in futures comes in at 95.51 today.
  • Local headline flow has been fairly non-existent today, leaving broader market moves at the fore.
  • 2-Year EGB spreads to gilts are now mixed on the day after gilts widened across the board this morning, while 5+-Year gilts are still wider vs. European peers on the day.