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SONIA Softer To Start, Out Of Line With Wider Markets

STIR

SONIA futures are flat to 4.5bp softer early on, with the greens seeing the most weakness, although volume remains typically light at this time of day.

  • BoE-dated OIS contracts are flat to 2bp firmer for contracts covering ’24 MPC meetings.
  • Core global bond futures are little changed to firmer vs. levels seen around the time of yesterday’s SONIA settlement window. Softer-than-expected CPI data out of France has put a bid into EGBs in recent trade.
  • That has helped SONIA futures off session lows.
  • It also makes the downtick in SONIA a little puzzling, especially as we haven’t seen much in the way of meaningful domestic news flow cross in the time since yesterday’s settlement/close.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBank Of England (BOE) Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBank Of England (BOE) Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets

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