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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.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessRetail Sales Data Pressures UK STIR Markets
The firmer-than-expected domestic retail sales data applies pressure to SONIA markets at the open (volatile nature/details of the print limit the move).
- On top of that, weakness in core global FI markets, largely linked to Fedspeak, will also be feeding in.
- SONIA futures run flat to -5.0 as a result, off early lows.
- BoE-dated OIS sits flat to 4bp firmer through ’24 contracts, with ~72bp of cuts priced through year-end.
- Labour’s double by-election win dominates local newswires.
- Elsewhere, there is widespread speculation re: Chancellor Hunt dropping plans for a 2p cut in income tax owing to the technical recession.
- Looking ahead, comments from BoE’s Pill headline the local docket into the weekend (19:40 London).
BoE Meeting | SONIA BoE-Dated OIS (%) | Difference Vs. Current Effective SONIA Rate (bp) |
Mar-24 | 5.197 | +0.8 |
May-24 | 5.141 | -4.7 |
Jun-24 | 5.060 | -12.9 |
Aug-24 | 4.910 | -27.9 |
Sep-24 | 4.777 | -41.2 |
Nov-24 | 4.604 | -58.5 |
Dec-24 | 4.470 | -71.9 |
To read the full story
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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.