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The UK gilts slumped on fall in demand for safe-haven assets amid a rise in riskier equities and oil.
The yield on the benchmark 10-year gilts, jumped 3-1/2 basis points to 1.09 percent, the super-long 30-year bond yields climbed 2-1/2 basis points to 1.71 percent and the yield on the short-term 2-year traded 2-1/2 basis points higher at 0.13 percent by 10:30 GMT.
UK’s retail sales were better than expected in April, more than making up for a disappointing March and adding to data which suggest the economy started the second quarter on a strong footing. Questions persist, however, as to whether this upturn has legs. Retail sales rebounded 2.3 percent in April, according to the Office for National Statistics, up 4.0 percent on a year ago and recovering nicely from a 1.4 percent decline in March.
Lastly, the near-term outlook for the retail sector is challenging as the combination of rising prices and falling real pay looks set to hit consumer spending and hurt economic growth.
Meanwhile, the FTSE 100 rose 0.43 percent or 31.58 points to 7,468.00 by 10:50 GMT, while at 10:00GMT, the FxWirePro's Hourly Pound Strength Index remained neutral at 32.32 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
