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The UK gilts remained downbeat at the start of the trading week as investors remain focused to watch the Bank of England’s (BoE) Financial Stability Report (FSR) and Governor Mark Carney’s speech, both scheduled on June 27. Also, the release of Q1 GDP by the end of this week will add detailed direction to the debt market.
The yield on the benchmark 10-year gilts, rose nearly 1/2 basis point to 1.00 percent, the super-long 30-year bond yields also climbed 1/2 basis point to 1.68 percent and the yield on the short-term 2-year traded nearly 2 basis points higher at 0.25 percent by 10:00 GMT.
Official negotiations around the UK’s exit from the EU finally began last week with initial discussions centred on the future rights of EU citizens living in the UK in a post-Brexit world and vice versa. PM May is expected to publish further details on the UKs proposal later today, having presented at an EU leaders summit last Thursday.
Further, comments from EU officials, including EU President Donald Tusk, suggest that the UK’s offer is "below expectations". While the GBP stabilised last week on the back of Haldane's more hawkish stance, Brexit negotiations will still be watched closely by the market.
Lastly, the most notable day on this week’s UK data calendar will be Friday, when the final Q1 GDP figures are released. While the BoE anticipates an upwards revision, we expect the data to confirm the previous estimate of 0.2%Q/Q, representing a 0.5ppt slowdown from the pace of growth in Q416. Also of note on Friday will be the current account figures, expected to show an increase in the current account deficit in Q1 after a notable drop at the end of the year.
Meanwhile, the FTSE 100 traded 0.70 percent higher at 7,476.75 by 10:10 GMT, while at 10:00GMT, the FxWirePro's Hourly Pound Strength Index remained neutral at 46.82 (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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