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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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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI ASIA MARKETS ANALYSIS: Treasuries Surge On Bessent And Oil
MNI ASIA OPEN: Israel-Hezbollah Ceasefire Cautiously Reached
SONIA Futures Rally On Labour Market Report, A Little Over 35bp Of '24 BoE Cuts Priced
The slightly softer-than-consensus UK labour market data provides some reprieve for received/long positions, allowing SONIA futures and BoE-dated OIS to rally.
- More detail on the labour market report is available here.
- SONIA futures are flat to +7.0, with the reds outperforming.
- BoE-dated OIS shows ~36bp of cuts through year end vs. ~31bp at yesterday’s close.
- The first full 25bp cut is once again priced through the November MPC.
- The ruling Conservative Party will unveil its election manifesto today, with tax cuts set to form the centrepiece of that document.
- A reminder that the Conservatives still trail Labour by a wide margin in the polls, with Labour set to reveal their manifesto on Thursday.
- The monthly run of UK GDP & economic activity data is due tomorrow.
BoE Meeting | SONIA BoE-Dated OIS (%) | Difference Vs. Current Effective SONIA Rate (bp) |
Jun-24 | 5.197 | -0.3 |
Aug-24 | 5.104 | -9.6 |
Sep-24 | 5.031 | -16.9 |
Nov-24 | 4.916 | -28.4 |
Dec-24 | 4.841 | -35.9 |
To read the full story
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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.