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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
The Euribor strip is seen bull flattening through the whites-greens, as softer than expected Spanish and German state CPI provides a bid to core EGBs. Whites are 0.5-3.0bps firmer while greens are 6bps higher.
- ECB-dated ESTR OIS currently price around a 6% chance of an ECB hike in December, with around 70bps of cuts priced for the next 12-months. Today's inflation data sees more cuts priced in across the curve.
- ECB-speak over the weekend from Vujcic signalled his view that rates have been hiked sufficiently, while comments from the more hawkish Kazimir on wires recently note that further rate hikes are possible and H1 2024 rate cut bets are "entirely misplaced".
- The SONIA strip has also generally been dragged higher (following Euribor but with smaller moves), with whites -0.5bps cheaper to 3.0bps firmer and greens 1.5-4.0bps firmer.
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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