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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 are the underperformers in core STIR futures markets this morning, with a steepening in the White area of the curve with Reds/ Greens/ Blues all down 5-7 ticks. There is no real UK specific news to drive this, it more appears to be the SONIA strip catching up with the moves seen in Euribor and Eurodollar markets ahead of today's ECB meeting - note that over a one week period Reds of all three of these markets are down between 9-15 ticks.
- The ECB meeting is of course the event of the day with markets pricing around a 35% probability of a 50bp rather than 25bp hike today. Communication surrounding future meetings will also be closely watched and will likely set the tone for the rest of the day. Note that the policy decision will be announced at 13:15BST / 8:15ET with Lagarde's press conference at 13:45BST / 8:45ET.
- In contrast, moves seen in Eurodollar futures are rather muted with Whites/ Reds up 0.5-1.5 ticks, Greens largely unchanged and Blues down 1-2.5 ticks.
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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