UK gilts remain steady on flat manufacturing production in June

The UK gilts remained steady Thursday after the country’s manufacturing production for the month of June, remained flat on the month, while industrial production during the period, rose more than what markets had initially anticipated.

The yield on the benchmark 10-year gilts, hovered around 1.11 percent, the super-long 30-year bond yields slipped nearly 1 basis point to 1.75 percent and the yield on the short-term 2-year traded flat at 0.22 percent by 10:30 GMT.

U.K. industrial production grew unexpectedly in June, data showed Thursday, as North Sea oil fields continued to pump instead of going into their usual summer maintenance. Industrial output rose by 0.5% on the month in June, data released by the Office for National Statistics showed Thursday.

Further, the U.K.'s trade deficit in goods widened in June, and stood at GBP12.7 billion. This was higher than the GBP11.3 billion deficit seen the previous month, and GBP1.7 billion more than expected by economists. Factory production was flat on the month, despite analysts' expectations for a slight decline, the figures also showed.

Meanwhile, the FTSE 100 slumped 1.09 percent to 7,416.75 by 10:20 GMT, while at 10:00GMT, the FxWirePro's Hourly Pound Strength Index remained neutral at 28.71 (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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