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The United Kingdom’s gilts during Monday’s afternoon session, after the country’s manufacturing PMI for the month of March cheered market investors ahead of the 5-year auction, scheduled to be held on April 2 by 09:45GMT.
The yield on the benchmark 10-year gilts, rose 1-1/2 basis points to 1.013 percent, the super-long 30-year bond yields also surged 1-1/2 basis points to 1.568 percent and the yield on the short-term 2-year traded 1 basis point up at 0.646 percent by 11:20GMT.
The headline seasonally adjusted IHS Markit/CIPS Purchasing Managers’ Index (PMI) rose to a 13-month high of 55.1 in March, up from a revised reading of 52.1 in February (originally reported as 52.0). The PMI has remained above the 50.0 benchmark for 32 months in a row.
After Friday saw Theresa May’s Withdrawal Agreement rejected by the House of Commons by a majority of 58 MPs (with 34 Conservative MPs continuing to vote against), Brexit will inevitably continue to dominate in the UK this week with a wide range of scenarios – including a softer Brexit, second referendum, General Election or even eventual victory for a variant of May’s deal – still possible amid the ongoing political crisis, Daiwa Capital Markets reported.
The only thing that’s certain is that a second phase of MPs’ indicative votes will be held later today to try to find a majority in favour of an alternative path forward. This process, which will likely focus on a narrower range of scenarios than considered last Wednesday, will see votes take place at 8pm UK time, with the results expected around 10pm, the report added.
Meanwhile, the FTSE 100 remained tad 0.59 percent higher at 7,322.61 by 11:30GMT, while at 11:00GMT, the FxWirePro's Hourly Pound Strength Index remained neutral at -35.81 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
