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The UK gilts surged Thursday as investors poured into safe-haven assets in muted trading activity amid uncertainties and worries over the ongoing Brexit negotiations.
The yield on the benchmark 10-year gilts, slumped nearly 4 basis points to 1.19 percent, the super-long 30-year bond yields plunged 2-1/2 basis points to 1.84 percent and the yield on the short-term 2-year also traded nearly 3 basis points lower at 0.25 percent by 10:00 GMT.
Mixed signals from recent UK economic data had left greater uncertainty than usual about what yesterday’s first estimate of Q2 GDP growth might bring. But there was no particular drama, with growth aligning with expectations of 0.3%Q/Q, up just 0.1ppt from Q1. So, taking the first two quarters of the year together, GDP growth was the slowest since Q412-Q113, the hangover after the London Olympics party.
Today will bring the CBI Distributive Trades survey for July, which will give a first indication as to whether spending on the High Street has maintained that recovery trend in Q3, but also whether the drop in car sales seen last quarter has been extended too.
Meanwhile, the FTSE 100 slipped 0.03 percent to 7,450.50 by 10:10 GMT, while at 10:00GMT, the FxWirePro's Hourly Pound Strength Index remained highly bullish at 106.92 (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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