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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 and BoE terminal rate hike pricing consolidated on Monday following last week's sell-off, with Eurozone inflation data and central bank speakers taking focus for the rest of the week.
- ECB terminal depo Rate pricing -0.2bp to 3.96% (48bp of further hikes left in the cycle to Dec 2023 peak). A softer-than-expected German IFO confidence print set a constructive tone, but pricing was little changed as we await developments from the annual ECB event at Sintra the next few days - and of course Euro area CPI readings starting Wednesday with Italy. Just under 22bp of hikes are priced for July's meeting.
- BoE terminal Bank Rate pricing -2.3bp to 6.20% (120bp of further hikes left in the cycle to Dec 2023 peak). 45bp (80% prob of 50bp hike) is priced for the August meeting. As noted in our Gilt Week Ahead out today, this week we will hear from both BoE doves (albeit Tenreyro has had her last MPC meeting already) while Governor Bailey and Chief Economist Pill both appear on panels in Sintra. Dhingra is first up tomorrow morning to discuss the UK economic outlook.
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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