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The UK gilts traded flat Wednesday, as markets await Bank of England (BoE) Governor Mark Carney’s speech scheduled for Thursday for further guidance before the European Central Bank (ECB) meets to decide on the monetary policy action.
Also, investors shrugged off upbeat manufacturing production during the month of November, while a worse-than-expected trade deficit during the same period rendered long-term gilts modestly higher.
The yield on the benchmark 10-year gilts, which moves inversely to its price, barely rose 1/2 basis point to 1.36 percent, the super-long 30-year bond yield hovered around 2 percent while the yield on short-term 2-year slid nearly 2 basis points to 0.19 percent by 10:05 GMT.
The country’s manufacturing production rose 1.3 percent m/m in November, from -1.0 percent in the previous month. Further, it also rose 1.2 percent y/y, beating market expectations of 0.4 percent, from -0.5 percent same period a year ago.
Moreover, the country recorded a trade deficit of GBP12.16 billion, worse than market expectations of GBP11.20 billion and broader than GBP9.89 billion in October.
Lastly, according to the latest Citi/YouGov survey, UK’s inflation expectations for the short term are broadly steady at 2.4 percent whilst expectations for the longer term have risen to 3.0 percent up from 2.8 percent in November.
Meanwhile, the FTSE 100 hit record high of 7,290.25 by 10:30 GMT, while at 10:00GMT, the FxWirePro's Hourly Pound Strength Index remained highly bearish at -137.76 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
