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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 Holds Late Wednesday Moves, Local Survey Data Eyed
SONIA futures generally hold their post-settlement rally, unchanged to +3.5 through the blues after wider core global FI markets rallied a little on Fed Chair Powell’s late Wednesday comments.
- BoE-dated OIS contracts are also in line with late Wednesday levels, showing ~71.5bp of cuts through year end. Further forward, ~17.5bp of cuts are priced through the June MPC, with recent ranges intact.
- The BoE DMP survey headlines the UK calendar today.
- The wage and inflation components will continue to receive the most interest, given feedthrough into BoE policy.
- Final services PMI data is also due.
- Those with a dovish leaning may use any hawkish reaction to those surveys to enter received/flattener positions, particularly if we get closer to range extremes.
BoE Meeting | SONIA BoE-Dated OIS (%) | Difference Vs. Current Effective SONIA Rate (bp) |
May-24 | 5.155 | -4.0 |
Jun-24 | 5.022 | -17.4 |
Aug-24 | 4.870 | -32.6 |
Sep-24 | 4.752 | -44.4 |
Nov-24 | 4.602 | -59.4 |
Dec-24 | 4.481 | -71.5 |
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.