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The UK gilts rallied on Wednesday as investors were cautious ahead of the Bank of England policy decision. Also, we foresee that the central bank to ease 25 basis points from 0.50 percent to 0.25 percent on Thursday’s meeting.
The yield on the benchmark 10-year gilts fell 4 basis points to 0.788 percent, yield on super-long 30-year bonds also dipped 4 basis points to 1.635 percent and the yield on short-term 2-year bonds slid nearly 4 basis points to 0.159 percent by 10:00 GMT.
The Bank of England is also expected to ease interest rates in its monetary policy meeting scheduled to be held on July 14, in an attempt to ease the growing anxiety over the possible breakdown after the Brexit outcome.
The UK as it could herald the first BoE Bank Rate cut since Feb 2009. There is a low probability, but non-negligible risk, that the central bank also resumes its programme of asset purchases, financed through reserves issuance, although this is more likely in August. So it is likely that we see a 25 basis points rate cut on Thursday that takes the Bank Rate down to a record low 0.25 percent.
Today, crude oil futures fell as investors took gains after oil prices surged nearly 5 percent in the previous session, partly on the back of a forecast increase in demand next year.
Also, a surprise build in U.S. crude stocks and a stronger U.S. dollar which gained on Wednesday against a basket of currencies weighed on oil prices. The International benchmark Brent futures fell 1.67 percent to $47.66 and West Texas Intermediate (WTI) tumbled 1.32 percent to $46.18 by 09:00 GMT.
On Tuesday, the BoE governor Mark Carney, speaking at the Parliamentary TSC hearing on the FSR, said that the MPC needs to consider that the softer economic outlook could warrant a monetary response. He adds that he wants to make it clear to households and businesses that credit is available for the right mortgages and business ideas, and stresses that it is credit demand and not credit supply constraints that will determine the future of credit growth (considering that the BoE has already moved to bolster banks' lending capacity by creating lower counter-cyclical bank capital buffers that will take some time to be used up).
Moreover, the Moody's, a bond credit rating company lowered its UK growth forecasts due to the Brexit vote, to 1.5 percent for this year, down from 1.8 percent in its earlier forecast and to 1.2 percent for 2017 (sharply lower from 2.1 percent).
Meanwhile, the FTSE 100 trading higher 0.21 percent at 6,696 by 10:00 GMT.
