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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.
STIR FUTURES
- Both SONIA (Whites, Reds, Greens) and Euribor futures (throughout the curve) are reading higher this morning versus yesterday's official close. However these moves happened post-close in late trading yesterday and the moves this morning have been rather subdued so far. Having said that, there have still been notable moves higher for both SONIA and Euribor futures - with both strips up to 16-17 ticks higher and the main moves being seen in the Reds / Greens.
- SOFR futures are generally a couple of ticks off of yesterday's close and Reds / Greens / Blues remain up to 12 ticks higher versus Wednesday's close.
- Across all three strips, as the moves have largely been outside of the Whites these moves are largely reducing the pace of rate cuts and leaving the terminal rate higher.
- Looking ahead, we have Spanish Q3 GDP shortly (8:00BST) with some Italian data, but the main drivers are likely to be core PCE and US personal income / spending at 13:30BST. Michigan confidence and inflation expectations data due at 15:00BST is the final print so unlikely to move markets.
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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