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SONIA leading the way ahead UK inflation data

STIR FUTURES
  • STIR futures globally have moved higher on the back of the fall in oil prices while SONIA futures are the outperformers this morning, as we noted would likely be the case following this morning's inflation data with headline CPI in line and core CPI print one tenth softer than expected. We had noted that with so much priced in there was a high bar to not see SONIA move higher.
  • The Eurodollar and Euribor strips are both seeing a flattening in the Whites while Reds/Greens are 7-8 ticks higher for Eurodollar futures and around 6.5 ticks higher for Euribor futures.
  • The SONIA strip has seen the Dec-22 contract move 12 ticks higher with Reds up to 14.5 ticks higher on the day.
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  • STIR futures globally have moved higher on the back of the fall in oil prices while SONIA futures are the outperformers this morning, as we noted would likely be the case following this morning's inflation data with headline CPI in line and core CPI print one tenth softer than expected. We had noted that with so much priced in there was a high bar to not see SONIA move higher.
  • The Eurodollar and Euribor strips are both seeing a flattening in the Whites while Reds/Greens are 7-8 ticks higher for Eurodollar futures and around 6.5 ticks higher for Euribor futures.
  • The SONIA strip has seen the Dec-22 contract move 12 ticks higher with Reds up to 14.5 ticks higher on the day.