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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
SONIA futures continue to lead the way higher for STIR futures after the disappointing UK PMI prints; the Eurodollar strip was dragged higher earlier following risk-off initially triggered by Snapchat earnings and concern about the Chinese growth outlook. Villeroy's comments about the ECB moving back to a neutral rate of 1-2% next year have contained moves higher for the Euribor strip.
- SONIA Whites/Reds/Greens are up 10-14 ticks (with the biggest moves in the June-23 and Sep-23 area). The market-implied probability of a 50bp hike by August reduced from around 65% at yesterday's close to 30% earlier and is now back to around 40%. June is now priced for 29bp (from 31bp yesterday close), August 60bp (from 66bp), September: 83bp (from 91bp) with 118bp by year-end (from 129bp).
- The majority of the Euribor strip is up 0.5-1.0 ticks. Markets now price 32bp by July (cumulatively), 65bp by September, 83bp by October and 104bp by year-end.
- The Eurodollar strip has flattened with Whites up 3.0-4.5 ticks and Blues up 7.0 ticks (with Reds/Greens between these). Markets now price 52bp for June, 101bp for July, 138bp by September and 191bp by year-end.
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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