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The UK gilts sharply bounced Wednesday despite a fall in the country’s unemployment rate for the month of March. Further, the release of retail sales, due on May 18, will provide further direction to the debt market.
The yield on the benchmark 10-year gilts, slumped 3 basis points to 1.10 percent, the super-long 30-year bond yields plunged 3-1/2 basis points to 1.73 percent while the yield on the short-term 2-year traded 1-1/2 basis points lower at 0.12 percent by 10:10 GMT.
The jobless rate fell from 4.7 percent to 4.6 percent, its lowest since 1975. Over the same period, employment rose by a solid 122,0000, confirming PMI data which also showed robust hiring being sustained into the second quarter.
However, data from the Office for National Statistics showed regular pay rising just 2.1 percent in the three months to March. That was the smallest gain since July of last year. The pay data come fast one the heels of news that inflation has spiked higher to 2.7 percent, meaning real pay is falling at the steepest rate for two-and-a-half years.
Meanwhile, the FTSE 100 fell 0.04 percent or 3.38 points to 7,519.25 by 10:10 GMT, while at 10:00GMT, the FxWirePro's Hourly Pound Strength Index remained neutral at -6.42 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
