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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
ECB and BoE peak rate pricing pulled back Tuesday following two consecutive sessions of increases, as Eurozone data appeared to provide a modest boost to ECB doves. Even so, peak pricing actually finished up 3bp from session lows.
- ECB terminal depo Rate pricing -2.5bp to 3.78% (53bp of further hikes left in the cycle). Mixed EZ retail sales and poor German factory orders cast a dovish note, but the most impactful data on downward rate repricing Tuesday was the ECB's consumer expectations survey which showed a full reversal of March's inflation expectations jump in April. A June 25bp hike is still priced at over 92% implied probability.
- BoE terminal Bank Rate pricing -1.5bp to 5.46% (97bp of further hikes left in the cycle). With nothing of note on the BoE speaker / UK data docket, pricing today mainly followed ECB implied moves. A 25bp hike is fully priced for June's BoE meeting, with a 20-25% chance of a 50bp raise.
Source: MNI
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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