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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.
STIR FUTURES
Big moves this morning. Moves lower in crude helping broader demand being cited as one of the reasons (but given how much the market has been focused on inflation rather than growth this seems a rather convenient explanation). Possibly the moves being more driven by positioning and momentum, with moves in JGBs also helping.
- Eurodollar futures down up to 15.5 ticks of the day with the biggest moves in Whites / Reds. Markets now pricing in 45bp for the May meeting (around an 80% probability of a 50bp hike) with 131bp priced by July (3 meetings) and 220bp priced by year-end.
- SONIA futures down up to 16 ticks in the Reds, but smaller moves in Whites with the market still pricing around 34bp for May (around 1/3 chance of 50bp) with 91bp priced by August (3 meetings) and 147bp priced by year-end (6 meetings - almost the equivalent of an average of 25bp per meeting).
- Euribor futures down up to 12 ticks, again the moves most pronounced in the Reds. 25bp fully priced for both September and December now, with a further 50bp priced for Q1-23.
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.
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