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The UK gilts plunged Wednesday after investors largely shrugged off lower-than-expected manufacturing Purchasing Managers’ Index (PMI) for the month of February. Also, investors will be eyeing the release of construction and services PMI, scheduled for March 2 and 3 respectively.
The yield on the benchmark 10-year gilts, which moves inversely to its price, jumped nearly 3-1/2 basis points to 1.18 percent, the super-long 30-year bond yields also rose 1-1/2 basis points to 1.75 percent and the yield on the short-term 2-year traded higher by nearly 2-1/2 basis points at 0.12 percent by 08:50 GMT.
The seasonally adjusted Markit/CIPS Purchasing Managers’ Index (PMI) posted 54.6 in February, a three-month low and down further from December’s two-and-a-half year high. However, the PMI was firmly above its long-run average of 51.6 and nonetheless signalled expansion for the seventh successive month.
The UK gilts have been closely following developments in oil markets because of their impact on inflation expectations. The International benchmark Brent futures moved higher 0.46 percent to USD56.77 and West Texas Intermediate (WTI) rose 0.48 percent to USD54.27 by 10:10 GMT.
Meanwhile, the FTSE 100 rose 0.72 percent to 7,314.45 by 10:00 GMT, and at 10:00GMT, the FxWirePro's Hourly Pound Strength Index remained neutral at -10.26 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
