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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.
STIR
RBA-dated OIS pricing is 7-12bps firmer for meetings beyond August relative to pre-RBA levels.
- Going into Tuesday’s meeting, the market was pricing approximately 15bps of easing by year-end from an anticipated terminal rate of 4.33%.
- As it currently stands, the market attaches a 23% chance of a 25bp hike in August, with an expected terminal rate of 4.38%.
- The expected official rate at year-end is 4.32% versus 4.21% ahead of Tuesday’s meeting.
- For context, the market was pricing no easing by year-end from an anticipated terminal rate of 4.42% in the run-up to the RBA’s May Policy meeting.
Figure 1: RBA-Dated OIS – Pre-RBA Vs. Post-RBA
Source: Bloomberg / MNI - Market News
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.
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