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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
ECB hike pricing pulled back as the BoE equivalent pushed higher for the 2nd consecutive session, with contractionary services PMIs for Italy and Spain contrasting with an upwardly revised UK reading.
- ECB terminal depo Rate pricing -1.1bp to 3.90% (15bp of further hikes left in the cycle to Dec 2023). A 25% chance of a 25bp hike next week remains, but that fell to as low as 22% this morning as IT / SP PMIs disappointed. There's 13bp cumulatively priced through the next two ECB meetings. Attention turns to German factory orders data Wednesday morning.
- BoE terminal Bank Rate pricing +3.1bp to 5.79% (54bp of further hikes left in the cycle to Mar 2024). Peak pricing closed at the highest of the new month, though still well off the 5.88% last Thursday morning. There's still 24bp of hikes priced for the September MPC, with 38.1 cumulatively through the Nov meeting. Parliamentary testimony by BoE officials will highlight Wednesday's calendar.
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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