-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
Commodities
Real-time insight of oil & gas markets
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Chart Packs -
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessA Touch Firmer Ahead Of Busy UK Data Week
Gilts have tracked global core FI to begin the week, with futures +12 at 97.62, having drifted away from today's best levels. As such, Gilts continue to trade within Friday's range and within well-defined technical parameters. The first support is 97.39 (Dec 11 low) while the 20-day EMA at 98.90 is the first resistance.
- In addition to the Times article on MPC Deputy Governor Broadbent's replacement in June noted earlier, weekend headline-flow has been politically-centred, with Labour's decision to reduce the size of their green investment pledge still in focus.
- The SONIA strip sits flat to +3.5 ticks through the blues, while BoE-dated SONIA OIS price 74bps of rate cuts through 2024. The first full cut is fully priced through the August meeting (30bps priced at typing).
- The move in front-end rates allows the cash curve to lightly bull steepen, with yields flat to -1bp lower.
- Today's light data docket precedes a busy week in UK markets, with labour/inflation data due Tuesday/Wednesday (our preview will be released later today), followed by GDP/retail sales data on Thursday/Friday.
- We also hear from Governor Bailey at 1800GMT in a speech at Loughborough University, for which text will be released.
Meeting Date | SONIA BoE-Dated OIS (%) | Difference Vs. Current Effective SONIA Rate (bp) |
Mar-24 | 5.182 | -0.6 |
May-24 | 5.118 | -7.0 |
Jun-24 | 5.033 | -15.5 |
Aug-24 | 4.887 | -30.1 |
Sep-24 | 4.751 | -43.7 |
Nov-24 | 4.579 | -60.9 |
Dec-24 | 4.452 | -73.6 |
Feb-25 | 4.306 | -88.2 |
Source: MNI/Bloomberg |
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.