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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
It's a mixed morning for STIR futures.
- SONIA and Euribor futures are both seeing little movement in Whites (if anything less priced in at the very front-end) but downward pressure focused around the Reds. The biggest mover is the Mar-23 Euribor future, following comments from Knot over the weekend that we could see a first 25bp rate rise in Q4-22 and a second in Q1-23. Indeed, markets are now pricing an even faster pace than this with 50bp of rate hikes fully priced by end-2022. This would bring the deposit rate to 0%. SONIA futures pricing has consolidated the five further 25bp hikes fully priced in for 2022 (Bank Rate to 1.75%) with 4 hikes fully priced by August.
- The Eurodollar strip, however, has moved a bit higher, off the lows seen after the European close on Friday. For comparison with the Euribor strip, both are trading around the same levels that were seen at 15:30GMT on Friday.
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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