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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 FUTURES
Relative to Friday's moves, STIR futures markets have been rather stable so far today, moving a little further from Friday's highs.
- Eurodollar futures are down up to 4 ticks on the day with the biggest moves in Whites and Reds. Markets are now pricing around 78bp ahead of Wednesday's FOMC policy announcement with a cumulative 137bp priced for September and 181bp priced by the December meeting. Therefore the curve inverts somewhat with a first 25bp cut fully priced by June.
- The SONIA futures curve is also up to 4 ticks lower on the day, with the strip steepening through the Whites and then seeing a parallel move through the rest of the curve. Markets now price 46bp for next week's meeting with a cumulative 91bp priced by September and 157bp by year-end, but there are no further hikes fully priced in 2023, with the curve inverting after the March meeting.
- Moves have been more limited for the Euribor curve which is down up to 3 ticks on the day. Markets price 49bp for the September meeting, 87bp by October and 112bp by year-end. The curve flattens from the February 2023 onwards with around 120bp priced in.
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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