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Futures moving higher

SONIA
  • SONIA futures had been moving off their lows ahead of Bailey speaking, but we have now seen Whites / Reds around 14 ticks off their intraday lows.
  • Whites now higher on the day by up to 4.0 ticks, while the rest of the curve a little lower.
  • Gilt futures up from 12.20 as Bailey starts speaking to a high of 120.51 and now at 120.46 (around 25 ticks higher than pre-Bailey, and 60 ticks off the day's low).
  • Bailey not being drawn on any language surrounding 50bp hike in May. Just refers to earlier comments about the uncertainty.

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