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The UK gilts remained mixed during European session Tuesday after the country’s manufacturing PMI for the month of April missed market expectations and now, investors will remain focused on the construction PMI, scheduled to be released on May 2 by 14:00GMT for further direction in the debt market.
The yield on the benchmark 10-year gilts, slid nearly 1 basis point to 1.41 percent, the super-long 30-year bond yields remained tad higher at 1.83 percent and the yield on the short-term 2-year traded flat at 0.77 percent by 09:20GMT.
The seasonally adjusted IHS Markit/CIPS Purchasing Managers’ Index (PMI) fell to a 17- month low of 53.9 in April, down from 54.9 in March. The PMI has signalled expansion in each of the past 21 months. The latest survey provided further evidence of a slowdown in the rate of manufacturing expansion. Growth of output and new orders eased, while business optimism dipped to a five-month low. Falling backlogs of work, supply-chain constraints and rising stocks of finished goods also signalled that output growth will remain subdued in the coming months.
"Looking ahead, the trend in manufacturing production is likely to remain subdued. Weak demand meant firms are seeing backlogs of work fall and stocks of unsold goods rise, limiting the need for output to rise in May," said Rob Dobson, Director at IHS Markit.
Meanwhile, the FTSE 100 traded 0.27 percent higher at 7,528.93 by 09:35GMT, while at 09:00GMT, the FxWirePro's Hourly Pound Strength Index remained highly bearish at -169.19 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
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