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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
For the first time in 18 sessions Monday (and just the 2nd time since the beginning of June), ECB terminal rate pricing is set to rise while BoE implied has fallen.
- ECB terminal depo Rate pricing +3.3bp to 4.04% (54bp of further hikes left in the cycle to Dec 2023). Depo rate pricing has risen more firmly above the 4% mark. Some pointed to comments over the weekend by ECB's Villeroy in particular (emphasizing potential for higher-for-longer rates) for the move.
- BoE terminal Bank Rate pricing -0.2bp to 6.44% (144bp of further hikes left in the cycle to Mar 2024). There was little to catalyse moves today, with BoE Gov Bailey's Mansion House speech hitting similar notes to previous commentary. That said, pricing did rise from session lows pointing to a terminal rate closer to 6.40%. Attention turns to UK jobs data Tuesday morning.
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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