September 13, 2023 08:55 GMT
Wings Lead Post-Data Rally
This morning’s soft domestic economic activity data continues to underpin gilts, limiting pullbacks.
- Futures last print above 95.00, +25. Stabilisation above the figure would allows bulls to focus on 95.79, the Sep 1 high and key resistance providing the initial point of note.
- Cash benchmarks are 1.5-2.5bp richer, with the wings outperforming intermediates.
- The impending round of ’33 supply is probably limiting the bid in intermediates.
- SONIA futures last show -0.5 to +6.0, with the late reds and early greens outperforming.