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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 FUTURES
Eurodollar futures have been relatively stable through the European session this morning after moving lower through the Asian session. There has been much more volatility in Euribor and SONIA futures.
- For Euribor futures, there was some downward pressure in Asian hours before we moved higher, particularly at the short-end by up to around 3 ticks, peaking about 8:50GMT. After some set off, we have moved back towards these higher levels. Despite this markets are still fully pricing a 25bp hike by September with 46bp priced in by end-2022.
- The SONIA futures curve by contrast has moved lower today, particularly around the middle of 2023, with the strip up to 3.5 ticks lower. This is largely to play catchup with the US curve. Markets continue to price a 50bp hike in March around 50% (rather than the 25bp fully priced). 4 hikes are fully priced by August, with 5 fully priced by November.
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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