Forex News: Gilts endure a choppy trading session before pushing higher, while the BOE springs no surprises by leaving UK interest rates on hold at 5.0% Thursday. After gleaning early support from safe-haven flows and weak UK housing data, gilts settle into a tight range ahead of the BOE rate call. September gilts test support levels after the BOE's decision to stand pat provokes no follow-through buying.
A surprisingly large drop in US weekly jobless claims sees September gilts briefly retest session lows, but the contract recovers as equity markets remain firmly entrenched in negative territory. The yield curve steepens marginally, with the 2-year/10-year yield spread at zero from -1.0bp Wednesday. September gilts are up 0.15 at 106.50, with the 10-year gilt up 0.058 at 101.057, yielding 4.86%.
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