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SONIA Futures Nudge Lower To Start The Week, Eyes On Matters Elsewhere

STIR

Light volumes for SONIA futures to start the week, with contracts last showing 0.5-2.5 ticks lower through the blues.

  • BoE-dated OIS is little changed to ~2.5bp firmer across ’24 MPC contracts, showing ~131bp of cuts through ’24.
  • Some feedthrough from weekend comments made by ECB chief economist Lane present the most obvious driver for the limited early moves
  • Political/geopolitical headlines continue to dominate in the local press, while this week’s UK economic focus will fall on inflation (Wednesday) and labour market (Tuesday) data.
  • The latest round of Rightmove house price data was a little more upbeat/less downbeat.
BoE MeetingSONIA BoE-Dated OIS (%)Difference Vs. Current Effective SONIA Rate (bp)
Feb-245.197+0.9
Mar-245.128-6.0
May-244.957-23.0
Jun-244.745-44.3
Aug-244.489-69.9
Sep-244.270-91.7
Nov-244.046-114.2
Dec-243.878-131.0
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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