Free Trial

SONIA futures coming under pressure ahead of the BOE


Markets continue to try and find equilibrium after yesterday's Fed meeting with the BOE policy announcement in just over an hour.

  • The SONIA strip has come under some pressure over the past few minutes, but there doesn't seem to be any real reason for the move lower. We have been asking around contacts but no one seems to have any definitive answers. Markets now pricing around 32bp for today's meeting and 172bp through the remainder of 2022.
  • The Euribor strip has been moving higher over the past couple of hours, and not helped by the headline earlier that the Kremlin were denying that substantial progress had been made on talks with Ukraine (which was reported by the FT yesterday).
  • The Eurodollar strip remains within the range it traded through the Asian session, quite some way off the post-Fed lows. With the exception of the Jun-22 contract (which is flat), the rest of the strip is lower than its pre-Fed announcement levels.

To read the full story



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.