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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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Free AccessOff Highs, Curve A Little Flatter, BoE Sales Due Later
Gilt futures little changed at 98.56, sticking within Friday’s range. Technicals are bullish, resistance 99.25, support 98.21. Yields, 0.5-2.0bp lower across the curve, flattening seen. Morgan Stanley recommended 10s30s flatteners late Friday.
- Softer-than-expected German IFO saw session highs, before the rally was pared.
- BoE-dated OIS little changed, 47.5bp of ’24 cuts priced, 14.5bp through Aug, ~22bp through Sep. SONIA futures +0.5 to -1.5. STIRs off last week’s dovish extremes.
- This BoE will sell GBP750mn of medium-term gilts from its APF this afternoon, after confirming that it will trim medium- and long-term gilt sales in Q3 (the latter likely provides light support for gilts early today). CBI trends data is also due.
BoE Meeting | SONIA BoE-Dated OIS (%) | Difference Vs. Current Effective SONIA Rate (bp) |
Aug-24 | 5.056 | -14.4 |
Sep-24 | 4.982 | -21.8 |
Nov-24 | 4.826 | -37.4 |
Dec-24 | 4.724 | -47.6 |
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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.