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The United Kingdom’s gilts plunged Monday as investors have largely shrugged-off the lower-than-expected manufacturing production for the month of April. Markets will now remain focused on the country’s employment report for the similar period, scheduled to be released on June 12 by 08:30GMT for further direction in the debt market.
The yield on the benchmark 10-year gilts, rose 1 basis point to 1.39 percent, the super-long 30-year bond yields remained tad higher at 1.85 percent and the yield on the short-term 2-year hovered around 0.74 percent by 10:30GMT.
Output in the UK’s manufacturing sector fell 1.4 percent in April from the prior month, according to figures published on Monday by the Office for National Statistics. The consensus expectation had been for a gain of 0.3 percent.
Industrial production fell 0.8 percent in April, compared to a gain of 0.1 percent in the previous month. Analysts had forecast a 0.2 percent advance. On an annualized basis, manufacturing production rose 1.4 percent in April, compared to expectations for a 3.1 percent increase.
In March, manufacturing production rose 2.9 percent from the year before. Year-on-year, industrial production rose 1.8 percent in April. Analysts were looking for a 2.7 percent increase. The reading came after a 2.9 percent rise in March.
Meanwhile, the FTSE 100 traded 0.86 percent higher at 7,746.75 by 10:30 GMT, while at 10:00GMT, the FxWirePro's Hourly Pound Strength Index remained neutral at -74.40 (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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