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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
BoE peak rate hike pricing saw its highest closing level Monday since May 25, with ECB pricing relatively flat ahead of Thursday's decision.
- ECB terminal depo Rate pricing -0.7bp to 3.78% (53bp of further hikes left in the cycle). A very high (92%) implied probability remains of a quarter-point hike on Thursday.
- BoE terminal Bank Rate pricing +4.1bp to 5.58% (108bp of further hikes left in the cycle). While there was no single driver at play, hawkish-leaning commentary by BoE's Haskel and Mann were seen contributing to the move.
- We also note that BoE pricing has lately seemed relatively more sensitive to non-UK central bank (eg Bank of Canada last week) pricing as compared to the ECB, so there is perhaps relatively high event / data risk being considered ahead of the US CPI data tomorrow and the potentially hawkish Fed / BoJ decisions later in the week.
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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