Free Trial
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
ECB terminal deposit rate pricing sits just below 3.52% (152bp from the current 2.00% rate) for July 2023, with 47bp in hikes priced for Feb's meeting and a cumulative 91bp through March (in line with hawk Kazaks' saying today he saw significant increases at the next 2 meetings).
- However, ECB terminal is now about 10bp below end-2022 levels and 3bp below Monday's close, in part due to this morning's soft German CPI data.
- UK pricing points to a further 118-120bp of BoE hikes left in the cycle, peaking at either the Aug or Sep 2023 meeting. Having moved lower this morning in tandem with ECB pricing, BoE Bank Rate terminal pricing is now about 8bp below the end-2022 close, and at 4.69% is at the lowest since Dec 22.
OIS pricing (%)Source: BBG, MNI
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok