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The UK gilts continued to plunge Tuesday ahead of the Bank of England (BoE) Governor Mark Carney’s speech, scheduled to be held later in the day. Also, investors are waiting to watch the fourth-quarter gross domestic product (GDP), scheduled to be released on February 22.
The yield on the benchmark 10-year gilts, which moves inversely to its price, rose nearly 1-1/2 basis points to 1.24 percent, the super-long 30-year bond yields also jumped nearly 2-1/2 basis points to 1.97 percent and the yield on the short-term 2-year traded higher by nearly 2 basis points at 0.11 percent by 08:50 GMT.
Data from the Office for National Statistics (ONS) published last week showed that employment in the U.K. hit record high of 74.6 pct in Q4 2016. The number of people in full-time employment rose by 45,000 in the three months to December.
The number of jobless fell 7,000 in the fourth quarter to 1.6 million people, leaving the unemployment rate at 4.8 per cent, the lowest in more than a decade. Data published on Wednesday also showed that average earnings were 2.6 percent higher over the fourth quarter compared with the same period a year earlier.
Lastly, markets will also focus on the 10-year auction, due to be held on February 23 for further direction in the debt market.
Meanwhile, the FTSE 100 fell 0.39 percent to 7,272.25 by 09:10 GMT, and at 09:00GMT, the FxWirePro's Hourly Pound Strength Index remained neutral at -17.46 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
