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Temporary Respite For Gilts

GILT SUMMARY

The sharp sell-off in gilts during the morning session abated by midday, with the long-end of the curve recouping most of the losses while continuing to trade below yesterday's close.

  • Cash yields are now 3-7bp higher on the day. Last yields: 2-year 0.0742%, 5-year 0.3410%, 10-year 0.7816%, 30-year 1.3982%.
  • The Jun 21 gilt future trades at 128.05, near the middle of the day's range (L: 127.75 / H: 128.33).
  • Following what looks like a temporary briefer, cable is back on the move and eyeing 1.42. The market has gradually become increasingly long the pound, with CFTC data showing net non-commercial futrue longs heading back to multiyear highs.
  • A junior French minister said to be close to President Emmanuel Macron has suggested that the EU could grant the UK equivalence in some areas of financial services, an issue which remains contentious in London and Brussels.

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