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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
Terminal BoE hike pricing continued to advance Friday for the 3rd consecutive session, ending the week 34bp higher. While ECB hike pricing faded for the first day in 3, it ends the week 5bp higher overall. Today's moves:
- BoE terminal Bank Rate pricing +8.3bp to 6.25% (125bp of further hikes left in the cycle). UK PMIs missed expectations but retail sales beat, and the net impact was to continue to upward momentum in BoE hike pricing. A 50bp hike in August is almost completely priced (46bp), with a cumulative 82bp to September and 109bp to Nov before topping out at 120bp Dec / 125bp Feb.
- ECB terminal depo Rate pricing -7.9bp to 3.97% (48bp of further hikes left in the cycle). Weaker-than-expected French/German/Eurozone PMI suggested renewed growth concerns and showed signs of price pressures easing, raising questions about the hiking cycle continuing beyond July. The 48bp in hikes to the peak includes 23bp is priced for July's meeting, with a cumulative 40bp for September. Next week's focus will be the Sintra summit and Eurozone inflation readings.
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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