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Why MNI
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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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Free AccessCrude Weakness & Bond Bid Results In Dovish SONIA Repricing
The previously identified bid in wider core global FI markets and weakness in crude oil continues to provide a bid for SONIA futures, despite typically hawkish comments from BoE dissenter Greene during the London morning (which only had a modest and short-lived impact).
- That leaves SONIA futures running flat to 13bp firmer on the session, with multi-month highs being tested/breached through the greens and blues.
- A full 25bp cut is now essentially priced come the end of the June ’24 MPC, with ~79bp of cuts priced through calendar ’24. The Dec ’24 MPC contract is looking through yesterday’s dovish session extremes at typing.
BoE Meeting | SONIA BoE-Dated OIS (%) | Difference Vs. Current Effective SONIA Rate (bp) |
Dec-23 | 5.210 | +2.3 |
Feb-24 | 5.215 | +2.8 |
Mar-24 | 5.156 | -3.1 |
May-24 | 5.048 | -13.9 |
Jun-24 | 4.939 | -24.8 |
Aug-24 | 4.799 | -38.8 |
Sep-24 | 4.663 | -52.4 |
Nov-24 | 4.515 | -67.2 |
Dec-24 | 4.396 | -79.1 |
To read the full story
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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.