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The United Kingdom’s gilts surged during European session Wednesday ahead of the country’s medium-term 5-year auction and gross domestic product (GDP) for the first quarter of this year, scheduled for May 9 and 10 by 09:45GMT and 08:30GMT respectively.
The yield on the benchmark 10-year gilts, plunged 5-1/2 basis points to 1.103 percent, the super-long 30-year bond yields slumped 4 basis points to 1.637 percent and the yield on the short-term 2-year also traded 4 basis points lower at 0.713 percent by 10:40GMT.
Politics remains centre-stage in the UK once again today. Following a meeting yesterday evening between Theresa May and Sir Graham Brady, Chair of the 1922 Committee of backbench Tory MPs, to discuss demands for the PM to set a date to resign, the 1922’s Executive will today meet to decide whether to amend the Conservative Party’s rules to allow a binding no-confidence vote in May’s leadership in June, Daiwa Capital Markets reported.
Certainly, there is dissatisfaction at the suggestion that the PM might not confirm her departure before the summer recess in the second half of July, which would probably not give sufficient time for the Party to select a new leader before MPs’ return to Parliament in September, the report added.
Meanwhile, the FTSE 100 remained tad 0.24 percent lower at 7,243.00 by 10:50GMT, while at 10:00GMT, the FxWirePro's Hourly Pound Strength Index remained neutral at 17.75 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
