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The UK gilts traded slightly lower Monday as investors wait to watch the 10-year auction, scheduled to be held later today. Also, Bank of England (BoE) Governor Mark Carney is scheduled to speak on December 20, which will provide further direction to the debt market.
The yield on the benchmark 10-year gilts, hovered around 1.15 percent, the super-long 30-year bond yields tad lower at 1.71 percent and the yield on the short-term 2-year traded 1-1/2 basis points higher at 0.45 percent by 08:40GMT.
A full UK cabinet discussion on the UK’s future trading relationship with the EU is expected to take place tomorrow, following today’s preliminary discussions. The CBI will release its December surveys this week, starting with the UK industrial trends survey today which may show a slight fall in the total orders balance to 15 from 17.
The CBI distributive (including retail) trades report is due on Wednesday. Later in the week sees the release of GfK consumer confidence on Thursday and our own Lloyds Bank Business Barometer on Friday.
Meanwhile, the FTSE 100 traded 0.57 percent higher at 7,532.75 by 08:45 GMT, while at 08:00GMT, the FxWirePro's Hourly Pound Strength Index remained highly bearish at -111.69 (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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