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The United Kingdom’s gilts continued to plunge on Friday after the country’s manufacturing PMI for the month of May cheered market participants, besides, the political chaos in Italy that came to a halt, after Prime Minister-designate Giuseppe Conte presented his list of ministers to President Sergio Mattarella for the second time in a week and the new government will be sworn in later today.
The yield on the benchmark 10-year gilts, jumped 4 basis points to 1.27 percent, the super-long 30-year bond yields surged 3-1/2 basis points to 1.72 percent and the yield on the short-term 2-year traded 2-1/2 basis points higher at 0.63 percent by 09:50GMT.
The seasonally adjusted IHS Markit/CIPS Purchasing Managers’ Index (PMI) rose to 54.4, up slightly from April’s 17-month low of 53.9, to signal growth for the twenty-second straight month.
A populist government will be sworn into power in Italy on Friday after President Sergio Mattarella agreed to a revised slate of ministers - just days after a bitter row over the incoming leaders’ stance on the euro ended their initial bid to assume power.
A joint statement by the anti-establishment Five Star Movement (M5S) and the far-right League announced that political newcomer Giuseppe Conte, who had been seen as a controversial choice, would serve as prime minister.
Meanwhile, the FTSE 100 traded 0.79 percent higher at 7,740.00 by 09:55 GMT, while at 09:00GMT, the FxWirePro's Hourly Pound Strength Index remained neutral at 21.44 (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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