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The United Kingdom’s gilt yields came under pressure during Tuesday’s afternoon session, as investors remained jolted by concerns over a global economic slowdown after equity markets took a hit worldwide ahead of Britain’s consumer price inflation (CPI) data for the month of November, scheduled to be released on December 19 by 09:30GMT.
The yield on the benchmark 10-year gilts, plunged 3 basis points to 1.235 percent, the super-long 30-year bond yields plunged nearly 4-1/2 basis points to 1.757 percent and the yield on the short-term 2-year traded nearly 2 basis points lower at 0.720 percent by 10:10GMT.
In her statement in the House of Commons yesterday, Theresa May gave the impression that she is seeking deliberately to run down the Article 50 clock to reduce the options available to MPs, announcing her intention for Parliament to vote on her Brexit deal in the week commencing January 14, and arguing against an extension of the Article 50 notice or the holding of a second referendum – momentum for which appeared to build further over the weekend, Daiwa Capital Markets reported.
And after Cabinet members on the weekend openly doubted that May’s deal could possibly gain the support of Parliament, Brexit will continue to dominate in the UK on Tuesday, with May’s Cabinet set to discuss intensified no-deal preparations.
But after Jeremy Corbyn yesterday attempted to call a no confidence motion in the Prime Minister (which has no legal and even political weight) it remains to be seen whether he will in due course take up Theresa May’s challenge to call a full blown no confidence motion in the government – which he would almost certainly lose right now, the report added.
Meanwhile, the FTSE 100 slipped 0.25 percent to 6,756.25 by 10:20GMT, while at 10:00GMT, the FxWirePro's Hourly Pound Strength Index remained neutral at 13.31 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
