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Rally on the open as intermeeting hike probabilities fall

SONIA
  • Sep-22 SONIA is up 42.5 ticks on the open as the market prices out the probability of an intermeeting hike.
  • Dec-22 SONIA is also up 20 ticks.
  • The strip further out is only up by single digit ticks - with the trough in the curve at 94.055 at the Sep-23 contract. Which is still implying Bank Rate reaching around 6%.
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  • Sep-22 SONIA is up 42.5 ticks on the open as the market prices out the probability of an intermeeting hike.
  • Dec-22 SONIA is also up 20 ticks.
  • The strip further out is only up by single digit ticks - with the trough in the curve at 94.055 at the Sep-23 contract. Which is still implying Bank Rate reaching around 6%.