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Wings Lead Post-Data Rally

GILTS

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.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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