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North American Data Supports SONIA Futures, ~67bp Of '24 BoE Cuts Priced

STIR

North American data helps underpin GBP STIR markets.

  • SONIA futures flat to +5.5bp, at/just off best levels of the day. BoE-dated OIS shows ~67bp of ’24 cuts vs. ~63bp early today.
  • UK headline flow has been subdued.
  • Click for our full preview of tomorrow’s UK CPI data.
  • That will be the final key input ahead of Thursday’s BoE decision.
  • Elsewhere, XpertHR pay data will be published just after midnight.
BoE MeetingSONIA BoE-Dated OIS (%)Difference Vs. Current Effective SONIA Rate (bp)
Mar-245.203+1.4
May-245.159-3.0
Jun-245.068-12.1
Aug-244.925-26.4
Sep-244.802-38.7
Nov-244.648-54.1
Dec-244.522-66.7
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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