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GBP STIRs Looking To Wider Markets For Cues, PMIs Eyed

STIR

Weakness in core global FI markets, headlined by fresh YtD yield highs in German benchmark yields, has filtered through into UK STIR pricing.

  • Familiar areas of speculation re: the upcoming Budget are noted.
  • We are currently listening into comments from BoE MPC member Greene, with nothing to really move markets thus far. Her comments are in line with those made in her recent run of appearances
  • SONIA futures are +0.25 to -1.5 through the blues.
  • BoE-dated OIS shows ~67bp of cuts after the 75bp area capped the move away from ~60bp of cuts earlier this week.
  • Flash PMI data headlines the domestic docket today
BoE MeetingSONIA BoE-Dated OIS (%)Difference Vs. Current Effective SONIA Rate (bp)
Mar-245.200+1.2
May-245.157-3.1
Jun-245.076-11.2
Aug-244.930-25.8
Sep-244.806-38.2
Nov-244.642-54.6
Dec-244.520-66.8
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBank Of England (BOE) Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBank Of England (BOE) Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets

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