MM084: Carnage in UK Bond/FX Markets – What happened, what’s next?
Market Maker
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The UK Government Bond Market Moves - What Do You Stand By?
On Monday, Sterling dropped to its lowest level in 37 years against the dollar before recovering at the back end of this week. 30 year government bonds rose by 120 basis points between last Friday and this Wednesday. The Bank of England has committed to spending 65 billion buying gilts to raise bond prices. Labour has opened up a 33 point lead over the Tories, effectively meaning that if the election was held tomorrow, the Tories would be the third biggest party.
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