MNI: PBOC Conducts CNY2 Bln Via OMO Weds; Liquidity Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1048 Weds; -4.92% Y/Y

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1048 WEDS VS 7.1059

MNI BRIEF: Hungary Central Bank Cuts To 7.75% As Expected

MNI China Daily Summary: Tuesday, April 23

MNI: AUSTRALIA MONTHLY MAR CPI 0.4% MM, 3.8% YY

MNI:AUSTRALIA Q1 CPI +0.9% Q/Q

MNI: UK JAN-MAR MEDIAN PAY AWARDS +4.8% :XpertHR/Brightmine

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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Expectations update - SONIA to open lower

BOE
    • Given the moves seen this morning in GBP, and further downside moves in Euribor and Eurodollar futures, expect SONIA futures to open sharply lower again this morning.
  • There has been a huge repricing in terms of both market pricing and analyst expectations following both the September MPC meeting and the government’s fiscal update (“Growth Plan”).
  • Of the analysts that have explicitly updated or reaffirmed their views following the latter, 12/15 (80%) look for a 75bp hike in November while markets at Friday’s close priced around 89bp.
  • Expectations for the terminal rate among those same analysts saw a median of 4.00%, with 80% of analysts expecting a terminal rate in the 3.50-4.25% range.
  • This is considerably lower than the 5.50% terminal rate markets were pricing on Friday.
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