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The United Kingdom’s gilts fell during Thursday’s afternoon session as investors expect to see a rise in the country’s gross domestic product (GDP) for the third quarter of this year, scheduled to be released on November 9 by 09:30GMT.
Also, UK’s manufacturing production and trade balance data for the month of September, both due for release tomorrow, respectively by 09:30GMT will add further direction in the debt market.
The yield on the benchmark 10-year gilts, jumped nearly 3 basis points to 1.560 percent, the super-long 30-year bond yields surged nearly 3-1/2 basis points to 1.975 percent and the yield on the short-term 2-year traded nearly 1-1/2 basis points higher at 0.822 percent by 11:00GMT.
According to a report from the FxStreet, "The third-quarter UK Gross Domestic Product (GDP) growth rate is expected to see the first quarter’s rate triple while rising 0.6 percent over the quarter. When compared to a year ago, the UK Q3 GDP is expected to increase by 1.5 percent, up from 1.2 percent growth rate in the first half of this year."
"The acceleration of the UK GDP growth rate is expected to be driven by consumption and net trade as business investment and manufacturing slowdown are depressed by Brexit uncertainty", the report added.
Meanwhile, the FTSE 100 rose 0.06 percent to 7,098.95 by 11:10GMT, while at 11:00GMT, the FxWirePro's Hourly Pound Strength Index remained neutral at 30.47 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
