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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.
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Free AccessFresh Highs For Futures, First Resistance Breached
Gilts follow peers higher despite the bounce from lows in oil, with equities continuing to hold lower on the day as NY reacts to overnight moves.
- Futures through first resistance at 99.25 to trade as high as 99.34, next level seen at 99.85.
- Yields 4-5bp lower across the curve, light bull steepening.
- SONIA futures flat to +5.5, at/just off fresh session highs. Yesterday’s highs intact in the very front end of the strip but broken further out.
- BoE-dated OIS 0.5-4.5bp more dovish on the day. 5bp of cuts priced for Sep, 27bp priced through Nov & 42bp priced through Dec.
- North American risk is set to dominate from here, with U.S. JOLTS data and the latest BoC decision (25bp cut expected by most, ~28bp of cuts priced) due.
BoE Meeting | SONIA BoE-Dated OIS (%) | Difference Vs. Current Effective SONIA Rate (bp) |
Sep-24 | 4.902 | -4.8 |
Nov-24 | 4.679 | -27.1 |
Dec-24 | 4.532 | -41.8 |
Feb-25 | 4.316 | -63.4 |
Mar-25 | 4.168 | -78.2 |
May-25 | 3.996 | -95.4 |
Jun-25 | 3.896 | -105.4 |
To read the full story
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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.