UK gilts lose ground ahead of July manufacturing production amid silent trading day

The UK gilts witnessed a downward performance Wednesday as investors wait to watch the country’s manufacturing production for the month of July, scheduled to be released on September 8 by 08:30GMT amid an otherwise silent trading day that witnessed no data of prime economic significance.

The yield on the benchmark 10-year gilts, rose nearly 1-1/2 basis points to 1.02 percent, the super-long 30-year bond yields also climbed around 1-1/2 basis points to 1.69 percent and the yield on the short-term 2-year traded 1 basis point higher at 0.19 percent by 10:20 GMT.

Today is a quiet one for economic data releases with nothing of note in either the Eurozone or in the UK. In the US, however, the August ISM non-manufacturing survey will provide an update on economic activity.

Services, which account for 75 percent of Britain’s GDP, grew at a slower rate in the month of August, according to the latest purchasing managers index (PMI) from IHS Markit.

Meanwhile, the FTSE 100 traded 0.66 percent lower at 7,324.25 by 10:20 GMT, while at 10:00GMT, the FxWirePro's Hourly Pound Strength Index remained neutral at 28.40 (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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