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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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Free AccessSoft GDP Revisions Promotes Modest Dovish Flow In UK STIRs
Pre-gilt trade sees a tick higher in SONIA futures, with the marks lower in final Q3 UK GDP data outweighing the impact of firmer-than-expected prints in the volatile retail sales series. That leaves the strip running flat to 3bp firmer through the blues.
- BoE-dated OIS shows 0.5-4.5bp lower through ’24 MPC meetings, with a cumulative ~146bp of cuts priced through the year on the whole, challenging the recent dovish extremes after CPI data reignited dovish flows earlier this week.
- There isn’t much in the way of meaningful scheduled domestic risk events to flag ahead of the weekend.
BoE Meeting | SONIA BoE-Dated OIS (%) | Difference Vs. Current Effective SONIA Rate (bp) |
Feb-24 | 5.198 | +1.1 |
Mar-24 | 5.110 | -7.7 |
May-24 | 4.892 | -29.5 |
Jun-24 | 4.657 | -53.0 |
Aug-24 | 4.385 | -80.2 |
Sep-24 | 4.144 | -104.3 |
Nov-24 | 3.901 | -128.6 |
Dec-24 | 3.724 | -146.3 |
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.