UK gilts mixed ahead of PM May’s speech, Q1 GDP data

The UK gilts remained mixed Monday as investors wait to watch the country’s Prime Minister Theresa May speak later in the day. Also, market participants are eyeing the release of the country’s first-quarter gross domestic product (GDP), scheduled to be released on May 25 for further direction in the debt market.

The yield on the benchmark 10-year gilts, traded flat at 1.09 percent, the super-long 30-year bond yields climbed nearly 1/2 basis point to 1.72 percent while the yield on the short-term 2-year traded nearly 1 basis point lower at 0.11 percent by 10:20 GMT.

With developments in the US continuing to dominate market attention, today’s meeting of euro-area finance ministers is only likely to offer a minor distraction. Late last week, the Greek parliament approved a new round of austerity measures, paving the way for euro group finance ministers to conclude the second review of its bailout program at today’s meeting. If approved, this would ensure that Greece would receive the near €6bn needed for it to repay its obligations relating to maturing bonds in July.

Domestically, with just over two weeks to go, the various political party leaders will be interviewed separately on BBC over the course of the week, starting with PM May this evening. She chose not to attend the televised leaders’ debate last week.

Meanwhile, the FTSE 100 rose 0.31 percent or 23.04 points to 7,493.75 by 10:30 GMT, while at 10:00GMT, the FxWirePro's Hourly Pound Strength Index remained neutral at -32.59 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex