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UK FI reverses earlier moves but pound remains weak

UK
  • SONIA futures have completed a U-turn today after moving higher this morning following a slightly softer than expected CPI print. The strip is now all in the red with Whites down 0.5 ticks and the rest of the strip down 1.0-2.0 ticks. There has been no real domestic catalyst for the UK turnaround although the Eurodollar strip has also ground lower.
  • Gilts have switched from being the outperformers on the day to underperforming Treasuries (although the moves in gilts have not been as large as for Bunds).
  • 2-year gilt yields are up 4.4bp on the day now, with 5-year yields seeing a similar move. However, it has been the 10-year part of the curve that has underperformed with 10-year yields up just 1.1bp while 30-year yields are up 2.5bp.
  • 2s10s has now removed all of the move higher seen following the May MPC meeting.
  • Despite these reversals in fixed income, the pound remains the second weakest G10 currency on the day, down just under 0.7% vs the USD.
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