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SONIA On The Backfoot In Wake Of Early U.S. Data

STIR

SONIA futures flat to -7.0.

  • Some early session lows on the strip hold, while others are breached after U.S. data weighs on Tsys.
  • BoE-dated OIS shows ~61bp of cuts through ’24, little changed on the day.
  • Watch the inflation expectations component of the U.S. UoM survey at 14:00 London.
  • Further out, UK Inflation data (Wednesday) and flash PMI data (Thursday) will be released ahead of next week’s BoE decision (Thursday), with retail sales data due near the end of the week (Friday).
BoE MeetingSONIA BoE-Dated OIS (%)Difference Vs. Current Effective SONIA Rate (bp)
Mar-245.203+1.4
May-245.175-1.4
Jun-245.086-10.3
Aug-244.948-24.0
Sep-244.841-34.8
Nov-244.691-49.8
Dec-244.579-61.0
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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