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Free AccessSONIA sees huge moves - but gilts less directional post-Pill
- The Sep-22 contract initially fell to a 96.785 low before moving up to 96.94 and then moving to 2 ticks lower than when Pill started speaking at 96.84 (32 ticks higher on the day).
- The Sep-23 SONIA contract is now down 13 ticks ticks on the day to 93.83 (pricing in a terminal Bank Rate above 6% within 12 months).
- Gilt futures have remained volatile, but with less direction and have remained in a wide 93.41-94.82 range over the past hour or so.
- The 2s10s gilt curve is now at -15.8bp, still a long way off yesterday's low of -46.2bp.
- 10s30s hit a high of 53.4bp around UK lunchtime and are now 46.4bp, even further from yesterday's low of 9.4bp.
- GBPUSD down from about 1.08 to 1.0739 during Pill's speech and now back at 1.0770.
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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.