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10-year gilt yields are up over 10 bps to kick start the day, jumping up to 4.54% as traders weigh the situation from earlier here. That’s putting fresh pressure on the pound as well with EUR/GBP pushing up by 0.5% to 0.8860 now – its highest since April 2023 – while GBP/USD is also down 0.5% to 1.3125 currently.It’s all going wrong for Reeves and Starmer, in basically a damned if you do, damned if you don’t predicament. Amid mounting political pressures, they look to be abandoning one of their key manifesto pledges – that is to raise income taxes.And markets are making sure they know what that means as gilts come under heavy pressure towards the final stages this week.
This article was written by Justin Low at investinglive.com.
💡 DMK Insight
Gilt yields rising over 10 bps to 4.54% is a big deal for traders right now. This uptick is putting pressure on the pound, with EUR/GBP climbing 0.5% to 0.8860, marking its highest point since April 2023. Higher gilt yields typically signal increased borrowing costs, which can dampen economic growth expectations. For traders, this could mean tightening monetary conditions ahead, especially if the Bank of England reacts to these rising yields. Keep an eye on the 4.50% level for gilt yields; a sustained move above could trigger further selling in the pound. Additionally, the correlation between gilt yields and GBP movements suggests that as yields rise, the pound may continue to weaken against the euro. On the flip side, if the pound finds support around 0.8800, it could present a buying opportunity for those looking to capitalize on potential reversals. Watch for any economic data releases or comments from the Bank of England that could influence market sentiment in the coming days.
📮 Takeaway
Monitor the 4.50% level on gilt yields and the 0.8800 support on EUR/GBP for potential trading opportunities.
