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OI Points To Short Setting Across SONIA Futures Strip On Monday

STIR

The combination of yesterday's downtick in SONIA futures and BoE-dated OIS points to short setting across all contracts through the blues.

  • Note that the move has pulled back from extremes in the wake of late Monday comments from BoE chief economist Pill, which were less hawkish than his Friday offerings.
  • The latest UK labour market update from the ONS and a price expectations survey covering UK corporates factored into Monday's move lower, as did wider macro inputs (notably Fed Chair Powell's weekend comments & the U.S. ISM services survey).
  • BoE-dated OIS showed ~81bp of cuts through '24 at one point on Monday, last showing ~84bp.
05-Feb-2402-Feb-24Daily OI ChangeDaily OI Change In Packs
SFIZ3186,542186,505+37Whites+21,933
SFIH4211,679204,514+7,165Reds+9,353
SFIM4195,669190,167+5,502Greens+13,789
SFIU4215,986206,757+9,229Blues+4,341
SFIZ4271,333267,723+3,610
SFIH5170,034168,572+1,462
SFIM5128,487126,786+1,701
SFIU599,03696,456+2,580
SFIZ5121,156111,758+9,398
SFIH685,09781,820+3,277
SFIM658,88958,663+226
SFIU642,63741,749+888
SFIZ647,79546,000+1,795
SFIH737,02936,164+865
SFIM723,64622,808+838
SFIU715,56014,717+843
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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