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The UK gilts slumped Thursday, following a rebound in the country’s retail sales for the month of June, released today, largely owing to rise in demand for clothing during the summer season.
The yield on the benchmark 10-year gilts, jumped 1-1/2 basis points to 1.20 percent, the super-long 30-year bond yields also climbed 1-1/2 basis points to 1.84 percent and the yield on the short-term 2-year traded 1 basis point higher at 0.28 percent by 08:50 GMT.
The quantity of goods sold in stores and online rose 0.6 percent, more than economists forecast, following a 1.1 percent decline in May, figures from the Office for National Statistics showed Thursday. Sales excluding auto fuel jumped 0.9 percent.
It means stores made a contribution to growth in the second quarter, with sales rising 1.5 percent from the previous three months. That adds almost 0.1 percent to GDP, the ONS said. Also, sales rose 2.9 percent from a year earlier, up from growth of 0.9 percent in May.
Meanwhile, the FTSE 100 traded 0.39 percent higher at 7,460.75 by 09:10 GMT, while at 09:00GMT, the FxWirePro's Hourly Pound Strength Index remained slightly bearish at -98.19 (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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