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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 FUTURES
There was some downside pressure for Eurodollar futures this morning around 3:30BST but with little in the way of news to drive the moves.
- The Eurodollar strip has seen the biggest moves in the Dec-22 and Mar-23 contracts, both of which are down 5 ticks since the NY close. Other Reds are down 3.0-4.5 ticks with smaller moves further out the strip. Markets now price in 47bp for the May Fed meeting with 94bp priced by June and 133bp by July (3 meetings). Year-end pricing is now 220p, up around 5bp from yesterday's close.
- The Euribor strip is just a couple of ticks higher on the day. 30bp is now priced for September (up from around 27bp yesterday morning) with 60bp priced for year-end, up from 55bp yesterday morning.
- The SONIA strip up just 1.0-1.5 ticks through most White and Red contracts, with little movement further out the curve. Markets pricing is little changed from yesterday morning with 29bp priced for May, a number that has been very gradually falling since the 35bp priced around 2 weeks ago. 53bp is priced for June with 100bp priced for September (4 meetings) and 137bp by year-end (6 meetings). The latter has been range-bound between 130-145bp for around 3 weeks now.
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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