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BoE Peak Pricing At New Highs, With Core FI Under Pressure

EUROPE

Strong US data this afternoon has kept European FI under pressure as we head to the cash close in just over 1/2 hour:

  • BoE hike pricing continues to climb, with Bank Rate now seen rising by 127bp by Feb 2024, up 6bp on the day to a fresh high 6.27%.
  • Gilts have fallen through Monday's low of 95.64 and have now erased all of the post-Jun 22nd gains, down 90 ticks on the session at 95.41.
  • ECB peak pricing is up 5bp to just over 4% depo rate peak (52bp of further hikes by Dec 2023)
  • Bunds meanwhile are just 7 ticks above Monday's low of 134.04, now off 65 ticks on the session.

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