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Free AccessSONIA A Touch Softer To Start
SONIA futures are flat to -3.5.
- Recent BoJ headlines have provided a light bid in core global bond markets, although SONIA futures have looked through the news.
- Zooming out, core global bonds futures are in line to a little above levels seen around the time of Friday’s SONIA settlement window.
- Goldman Sachs adjusted their BoE call over the weekend, in a dovish manner, as we flagged a little while ago.
- BoE-dated OIS currently prices ~77bp of cuts through ’24 on the whole, with ~21bp of cuts showing through the June ’24 MPC, followed by a cumulative ~35.5bp of cuts showing through the August ’24 MPC.
- Broader UK weekend headline flow continued to focus on rifts within the ruling Conservative Party.
- We also got another soft run of Rightmove house price data, with the index at odds with the upticks we have seen from the house price metrics produced by mortgage providers over the pat couple of months.
- The domestic data docket is empty for the remainder of today,
- Tier one data is due tomorrow, in the form of the labour market report, although it is Thursday’s BoE monetary policy decision that provides the domestic focal point this week.
BoE Meeting | SONIA BoE-Dated OIS (%) | Difference Vs. Current Effective SONIA Rate (bp) |
Dec-23 | 5.205 | +1.8 |
Feb-24 | 5.222 | +3.4 |
Mar-24 | 5.177 | -1.0 |
May-24 | 5.092 | -9.6 |
Jun-24 | 4.979 | -20.9 |
Aug-24 | 4.833 | -35.5 |
Sep-24 | 4.691 | -49.7 |
Nov-24 | 4.538 | -65.0 |
Dec-24 | 4.417 | -77.1 |
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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.