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Global Macro
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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 AccessSONIA / Euribor continue to rally
- SONIA / Euribor Whites and Reds now up to 6.5 ticks higher on the day as the global risk-off moves continue (see 8:49BST bullet for more on the drivers, now compounded by a disappointing German IFO).
- SONIA futures now pricing in 48% probability of an August BOE cut (the probability has increased by around 10% since yesterday's close). Markets are now pricing 104bp by June 2025 (an additional 7bp relative to yesterday's close).
- Euribor futures now pricing in 23bp of cuts for September ECB meeting (2bp more than yesterday's close). Markets now fully price two 50bp cuts by year-end (54bp priced, from just below 50bp at yesterday's close) while 119bp are priced in by the July 2025 meeting (around 8bp more than yesterday).
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.