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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
ECB and BoE terminal rate pricing pulled back the most in 4 sessions Tuesday. With few macro or headline catalysts, this mostly represented a pullback from Monday's sharp rise amid thinned liquidity on a US holiday - and most of the July rise remains intact.
- ECB terminal depo Rate pricing -2.7bp to 4% (51bp of further hikes left in the cycle to Dec 2023). Peak ECB pricing continues to find a ceiling at the 4% mark, with which it flirted throughout Tuesday's session after touching 4.06% Monday. There remains high conviction in a 25bp raise in July (still 88% priced).
- BoE terminal Bank Rate pricing -1.6bp to 6.3% (130bp of further hikes left in the cycle to Feb 2024). 50bp hike pricing for August's meeting has pulled back a little, with 43bp implied versus 46bp last Friday.
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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