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Yields Out To 10s Through Yesterday’s Highs

GILTS
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Gilt futures trade through yesterday’s lows following the German and Eurozone PMIs, contract prints as low as 96.64, with next support coming at that May 3 low (96.43).

  • The bearish move seen over the last ~24 hours undermines a recent bullish theme in the contract.
  • Benchmark gilt yields are 2.5-4.5bp higher across the curve, bear flattening.
  • Yields out to 10s are through yesterday’s highs.
  • 2s last print at 4.493%, with bears eying the early May high (4.542%).
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Gilt futures trade through yesterday’s lows following the German and Eurozone PMIs, contract prints as low as 96.64, with next support coming at that May 3 low (96.43).

  • The bearish move seen over the last ~24 hours undermines a recent bullish theme in the contract.
  • Benchmark gilt yields are 2.5-4.5bp higher across the curve, bear flattening.
  • Yields out to 10s are through yesterday’s highs.
  • 2s last print at 4.493%, with bears eying the early May high (4.542%).