European yields are moving lower with Gilts underperforming after hawkish comments from BoE’s Forbes. Yields are heading south and in Europe spreads have come in, led by Portugal. Bund and Gilt yields are down -3.0 basis points and -2.1 basis points respectively and with the long end outperforming yield curves are flattening. The Euro continues to move lower against the greenback, but gold prices are moving higher. Oil prices were hammered following a larger than expected build in inventories reported by the American Petroleum Institute.