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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
ECB and BoE implied hiking paths are little changed to start the week, with ECB terminal depo Rate pricing +0.6bp to 3.95% (20bp of further hikes left in the cycle to Dec '23) and BoE terminal Bank Rate pricing +1bp to 6.02% (77bp of further hikes left in the cycle to Mar '24).
- This is a consolidation of sorts after Friday's large drop in BoE implied hike pricing (peak implied -13bp) from a one-month high 6.14%, but still left hike pricing up 21bp on the week.
- Even with the strip implying slightly higher terminal rates, September BoE hike pricing continues to fade from last week's peak implying 35% prob of a 50bp hike - while a 25bp hike is still fully priced, a 50bp hike is down to about 23% prob implied.
- Compared with last week's heavy UK data slate, there is little on the European calendar until Wednesday's flash PMIs, with the main focus overall on Jackson Hole and Powell / Lagarde's speeches 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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