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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
OIS-implied ECB rate cut pricing was relatively steady Thursday. 136bp of cuts are seen through the year, with April still seen at around 80% probability of the first reduction and nearly two cuts priced through the subsequent meeting in June.
- There was little of note on the European docket today: there was little reaction to the account of the ECB's December meeting (which highlighted substantial loosening of financial conditions).
BoE implied 2024 cut pricing rebounded, having neared 100bp Wednesday after the stronger-than-expected UK CPI data; it now stands at 109bp (about 7bp more cuts implied on the day but still around 20bp less than had been seen at Tuesday's close).
- The first reduction is still seen by June, with slightly better than a 50/50 probability of a reduction by the May MPC.
- We get UK retail sales data first thing Friday.
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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