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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 terminal pricing tumbled again Thursday, with 4.00% remaining an anchor for ECB peak implied.
- BoE terminal Bank Rate pricing -6.7bp to 6.18% (118bp of further hikes left in the cycle to March 2024) Implied peak rates traded within a 12bp range, with the intraday high (6.28% Bank rate implied) coming after a less-soft-than-expected UK GDP print first thing in the morning, and the bottom (6.16%) reached by late morning. That's a cumulative 48bp drop from the July peak , with implied peak back to Jun 29 levels. 42bp is priced for August's MPC, with 78bp through September.
- ECB terminal depo Rate pricing -1bp to 3.99% (49bp of further hikes left in the cycle to Dec 2023). Peak rates were briefly priced as low as 3.96% before returning to the familiar 4% mark. Dovish comments by ECB's Stournaras (no promise to hike rates this month) and Visco ("not very far" from rate peak") had little immediate impact but helped reinforce the softer rates narrative.
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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