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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.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI: China CFETS Yuan Index Up 0.01% In Week of Nov 22
MNI: PBOC Net Injects CNY76.7 Bln via OMO Monday
Light Hawkish Moves In SONIA, ~43bp Of '24 BoE Cuts Priced
The pressure in wider core global FI markets sees some hawkish repricing in GBP STIRs.
- Front end BoE-dated OIS is quite sticky, still showing ~14bp of cuts for the August MPC meeting, while 80% odds are priced through the Sep gathering.
- Moves have been a little more pronounced further out the strip, with adjustments of 1.5-4.5bp seen through the later '24 to mid '25 contracts.
- SONIA futures are flat to -8.5, as the pullback from recent highs extends for most contacts.
- We flagged some potential short term-limitations for further dovish repricing earlier in the week.
BoE Meeting | SONIA BoE-Dated OIS (%) | Difference Vs. Current Effective SONIA Rate (bp) |
Aug-24 | 5.058 | -14.2 |
Sep-24 | 5.002 | -19.8 |
Nov-24 | 4.867 | -33.3 |
Dec-24 | 4.774 | -42.6 |
Feb-25 | 4.638 | -56.2 |
Mar-25 | 4.550 | -65.0 |
May-25 | 4.432 | -76.8 |
Jun-25 | 4.342 | -85.8 |
To read the full story
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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.