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Underperforming USTs and Bunds after BOJ YCC change

GILTS
  • It's another weak open for gilts, which have caught up with moves lower seen in Treasuries and Bunds overnight which were triggered by the BOJ's YCC change. However, again the moves have been much larger for gilts than for USTs or Bunds, with the gilt curve seeing around a 12bp parallel shift.
  • Other than the intraday support the next major support will be around the 100.00 psychological level which is also close to the November 8 low of 99.92. (For more on technical levels see here).
  • This morning will see the final gilt auction of the calendar year with the 0.25% Jan-25 gilt on offer for GBP3.25bln (the last auction of the gilt before the new Oct-25 gilt launches in four weeks time.
  • There are no MPC speakers due this week but tomorrow will see public finance data, CBI retail sales data and Thursday will see the final print of Q3 GDP.
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