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The UK gilts slumped Thursday on expectations that the country’s December retail sales, due on January 19 by 09:30GMT will fall -0.6 percent, compared to 1.1 percent in November, adding further direction to the debt market.
The yield on the benchmark 10-year gilts, jumped nearly 3-1/2 basis points to 1.34 percent, the super-long 30-year bond yields climbed 2-1/2 basis points to 1.84 percent and the yield on the short-term 2-year traded 1-1/2 basis points higher at 0.59 percent by 09:45GMT.
The only UK economic data release of note today came out overnight in the shape of the latest RICS Residential Market Survey. Contrary to expectations, this signaled that prices in the housing market recovered slightly at the end of 2017, with a net balance of 8% of survey respondents reporting price increases in December.
It was the highest level in six months and up from 0% in the previous month. However, other survey details were less upbeat. In particular, the indicators for market dynamics remained firmly in the negative territory: both indices for new buyer inquiries and new vendor instructions fell to leave agreed sales indicator at -12 percent, a level broadly consistent with the low readings for this indicator seen in recent months. Against the backdrop of subdued market activity, the indicator of near-term price expectations also remained below zero.
However, in net terms, 37 percent respondents expected price increases over the coming twelve months, up from 20 percent in November and the highest level since last May. So, despite higher borrowing costs after the increase in Bank Rate in November, negative real wage growth and deteriorating consumer sentiment, today’s survey provided some indications of slightly more positive momentum in the housing market.
Meanwhile, the FTSE 100 traded 0.27 percent lower at 7,704.25 by 09:50 GMT, while at 09:00GMT, the FxWirePro's Hourly Pound Strength Index remained neutral at 64.04 (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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