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Yields Out To 10s Through Yesterday’s Highs

GILTS

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%).