Free Trial

Little Movement In GBP STIRs to Start The Week, Just Under 50bp Of '24 Cuts Priced

STIR

A flat start for BoE-dated OIS, leaving ~14bp of cuts priced through the August MPC, ~21.5bp of cuts showing through the Sep MPC and ~47bp of cuts priced through year end.

  • SONIA futures are also little changed to start the week, operating on low volume.
  • U.S. PMIs knocked GBP STIRs away from last week’s dovish extremes on Friday.
  • UK fiscal headlines dominated over the weekend, but that should be more of a matter for the long end. We will cover that topic in our gilt open bullet.
  • Lower tier UK CBI trends data is due today, with the domestic data calendar looking a lot more subdued this week.
BoE MeetingSONIA BoE-Dated OIS (%)Difference Vs. Current Effective SONIA Rate (bp)
Aug-245.062-13.8
Sep-244.987-21.3
Nov-244.833-36.7
Dec-244.730-47.0
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

To read the full story

Close

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.