Free Trial

North American Data Leaves 55bp Of '24 BoE Cuts Priced, June & Aug MPC Pricing Sticky

STIR

The North American data also influences the GBP short end, with SONIA futures now +0.25 to -4.5.

  • BoE-dated OIS shows 55bp of ’24 cuts after pricing over 60bp of easing earlier today.
  • Pricing further forwards on the strip is a little stickier in the wake of yesterday's dovish BoE decision.
  • June MPC pricing continues to hover around 50/50 odds of a 25bp cut, with the first 25bp step essentially fully priced come the end of the Aug meeting.
  • The monthly UK labour market report and a raft of BoE speak is due next week.
BoE MeetingSONIA BoE-Dated OIS (%)Difference Vs. Current Effective SONIA Rate (bp)
Jun-245.077-12.3
Aug-244.954-24.6
Sep-244.861-33.9
Nov-244.738-46.2
Dec-244.647-55.4
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.