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Under Pressure Ahead Of Mann

GILTS

A parallel ~5bp shift higher in yields across the curve, as broader core global FI markets come under some pressure on Monday.

  • Some have flagged the PBoC’s support for the yuan as a headwind for bonds, after Friday’s yuan weakness/bond rally.
  • Futures failed to hold an early move above 100.00 before the sell off kicked in, with the contract last trading a little above session lows, -47 at 99.35.
  • Initial support seen at 98.87, the 20-day EMA.
  • SONIA futures 0.5-5.5 lower on the day.
  • BoE-dated OIS pricing ~76bp of ’24 cuts vs. ~82bp early today.
  • Comments from former BoE hawkish dissenter Mann are due shortly (14:15 London).
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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