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Technical bear trigger breached

GILTS
  • Gilt futures have moved below the technical bear trigger of 108.94 and now sit at around 108.54 at the time of writing (day's low at 108.45). Gilts saw a soft open as they caught up to moves seen across the German curve yesterday and have taken another leg lower after German HICP data was in line with expectations (against some of the early state data that had suggested CPI might come in lower than expected).
  • Our technical analyst notes that the break of 108.94, the August 24 low, will resume the technical downtrend and clear the way for the 108.00 handle.
  • Note that the move has not been accompanied by near-term repricing of BOE hiking expectations with market-implied rates remaining below the highs seen earlier this morning.
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