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The UK gilts slumped Friday as investors have largely shrugged-off the lower-than-expected manufacturing production for the month of January and the country’s trade balance for the same period.
The yield on the benchmark 10-year gilts, jumped nearly 3 basis points to 1.50 percent, the super-long 30-year bond yields surged 2-1/2 basis points to 1.91 percent and the yield on the short-term 2-year too traded 2-1/2 basis points higher at 0.83 percent by 10:30GMT.
Output in the UK manufacturing sector grew 0.1 percent in January, according to figures published on Friday by the Office for National Statistics (ONS). Economists had forecast a rise of 0.2 percent; the sector grew by 0.3 percent in December.
Industrial production grew 1.3 percent in January, compared with the previous month, below the consensus forecast for a gain of 1.5 percent. December’s reading showed a decline of 1.3 percent. On an annualized basis, manufacturing production rose 2.7 percent in January.
That compared to the forecast for a gain of 2.8 percent. In December, manufacturing production rose 1.4 percent year-on-year. Year-on-year, industrial production rose 1.6 percent in January. Analysts were looking for a 1.8 percent advance. The reading came after a 2.6 percent rise in December.
Meanwhile, the FTSE 100 traded 0.07 percent lower at 7,198.00 by 10:30 GMT, while at 10:00GMT, the FxWirePro's Hourly Pound Strength Index remained neutral at -15.70 (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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