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Another gap lower on the open

SONIA
  • Another gap lower for SONIA and SFIH3 as an example.
  • March and June 2023 were the most targeted part after the UK CPI.
  • Opening gap is 2.5ticks from 96.22 to 96.195, and the strip is already 15/17 ticks down.
  • SFIH3 is through 96.10.
  • Traders now wager 200bps hike by February vs May previously.

Chart source: MNI/Bloomberg

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