UK gilts nose-dive on expectations of rise in July manufacturing production

The UK gilts plunged Thursday as investors wait to watch the country’s manufacturing production for the month of July, scheduled to be released on September 8 by 08:30GMT amid an otherwise silent trading day that witnessed no data of prime economic significance.

Also, the country’s trade balance for the month of July, due on the same day will add further direction to the debt market.

The yield on the benchmark 10-year gilts, jumped 2 basis points to 1.02 percent, the super-long 30-year bond yields also climbed nearly 2 basis points to 1.68 percent and the yield on the short-term 2-year traded flat at 0.17 percent by 10:30 GMT.

Meanwhile, the FTSE 100 traded 0.47 percent higher at 7,389.25 by 10:30 GMT, while at 10:00GMT, the FxWirePro's Hourly Pound Strength Index remained neutral at 65.36 (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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