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The UK gilts witnessed a heavy sell-off on Friday as the Bank of England (BoE) in its latest inflation survey raised its expectations for inflation and interest rates.
Also, the European Central Bank announced yesterday that it will reduce the pace of monthly bond buying to 60 billion Euros from previous 80 billion, supported the growth in bond yields.
The yield on the benchmark 10-year gilts, which moves inversely to its price, rose 6 basis points to 1.44 percent, the super-long 40-year bond yield climbed 5-1/2 basis points to 1.90 percent and the yield on short-term 2-year bounced 4 basis points to 0.14 percent by 10:30 GMT.
The Bank of England (BoE) in its latest inflation survey raised 1-year inflation expectations to 2.8 percent, from estimate of 2.2 percent in August, 2-year forecast to 2.5 percent, from an earlier forecast of 2.2 percent, 5-year forecast to 3.1 percent vs prior 3.0 percent. Additionally, the central bank increased 12-months rate rise expectations to 41 percent, from previous expectations of 21 percent.
Moreover, the European Central Bank in its yesterday’s final monetary policy decision of 2016 reduced the pace of its monthly bond-buying to 60 billion Euros from 80 billion, but extended the programme by nine months (April-October). The central bank reiterated that quantitative easing (QE) will run until inflation's path is in line with its goal. Also, noted that it may increase the size or duration if needed.
We would describe this tapering decision as more hawkish than the expected extension of the current pace of quantitative easing by 6 months.
Lastly, markets will remain focused on the Federal Reserve last monetary policy decision for 2016, which is scheduled to be released on December 14.
The Federal Reserve is expected to increase the target range of the key interest rate by 25 basis points to 0.50 percent to 0.75 percent on December 14, with a unanimous decision. Little change to the statement, though the Committee is likely to acknowledge that market-based measures of inflation compensation have risen further.
Meanwhile, the FTSE 100 traded 0.11 percent higher to 6,939 by 10:30 GMT. While at 10:00 GMT, the FxWirePro's Hourly GBP Strength Index stood neutral at +23.17 (higher than +75 represents purely bullish trend).
