May 23, 2024 07:50 GMT
German PMIs More Than Reverse Dovish Impact Of French Data
STIR
Spill over from firmer-than-expected German PMIs more than counter the impact of the softer-than-expected French services print, leaving SONIA futures -0.25 to 4.0 lower on the day.
- BoE-dated OIS moves to price in ~33.5bp of cuts through year end, through yesterday’s most hawkish levels and closer to Aprils extremes.
BoE Meeting | SONIA BoE-Dated OIS (%) | Difference Vs. Current Effective SONIA Rate (bp) |
Jun-24 | 5.190 | -1.0 |
Aug-24 | 5.108 | -9.2 |
Sep-24 | 5.040 | -16.0 |
Nov-24 | 4.938 | -26.2 |
Dec-24 | 4.865 | -33.5 |
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