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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
The Eurodollar strip is the outlier this morning, moving lower through the overnight session while Euribor and SONIA futures are both higher this morning.
- The Eurodollar strip was originally under pressure as oil prices fell in early Asian trading, leading to reduced fears of stagflation (rather than concentrating on the first round effects of inflation). This after a deal with Iran seems to be increasingly closer. The Hang Seng index also moved higher, all helping to provide a postive risk backdrop for Eurodollar futures to move lower. Markets continue to price 46bp of hikes in May, now price 128bp by July (3 meetings) and 217bp by December (6 meetings).
- SONIA and Euribor futures, meanwhile, are more focused on negative sentiment surrounding the Russia-Ukraine war, with Russia pulling back over the weekend, but increasing evidence of war crimes against civilians likely to provoke further sanctions against Russia.
- For the BOE, markets price 30bp for the May meeting, 55bp by June, 106bp by September (4 meetings) and 140bp by year-end (6 meetings).
- For the ECB, markets price 24bp by September and 54bp 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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