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The UK gilts turned rangebound on the first day of the trading week as investors remain keen to watch the country’s March consumer price inflation (CPI) and unemployment rate data, scheduled to be released on April 11 and 12 respectively.
The yield on the benchmark 10-year gilts, which moves inversely to its price, climbed 1 basis point to 1.09 percent, the super-long 30-year bond yields jumped 2 basis points to 1.71 percent while the yield on the short-term 3-year traded 1 basis point higher at 0.23 percent by 09:10 GMT.
Of late, the headline seasonally adjusted Markit/CIPS Services PMI Business Activity Index picked up from 53.3 in February to 55.0 in March, and therefore above the 50.0 no-change value for the eighth consecutive month. Moreover, the latest reading signalled a marked increase in business activity and the fastest pace of expansion since December 2016. This signalled a marked rebound from the five-month low seen in February.
"Much of the disappointment in growth so far this year has been evident in consumer-oriented sectors, in part linked to spending and incomes being squeezed by higher prices," said Chris Williamson, Chief Business Economist, IHS Markit.
Meanwhile, the FTSE 100 fell 0.19 percent or 13.67 points to 7,337.50 by 11:20 GMT, while at 11:00GMT, the FxWirePro's Hourly Pound Strength Index remained neutral at 59.01 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
