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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.
STIR FUTURES
STIR futures have been relatively stable through European trading this morning. The Eurodollar and Euribor strips moved higher in response to yesterday's FOMC Minutes and the SONIA strip moved higher on the open. Despite some moves higher earlier this morning, we are back to levels consistent with the European open.
- Markets continue to price in 46bp for the May Fed meeting with 91bp priced by June and 129bp by July (3 meetings). Year-end pricing is now 212bp, down from a high of 226bp yesterday morning (the cycle high). Eurodollar futures are up to 7.5 ticks higher through the Reds.
- In the UK, markets price 28bp for May, a number that has been very gradually falling since the 35bp priced around 2 weeks ago. 53bp is priced for June with 102bp priced for September (4 meetings) and 136bp by year-end (6 meetings). The latter has been range-bound between 130-145bp for around 3 weeks now. SONIA futures are generally 4.5-5.0 ticks higher from Reds onwards.
- For the ECB, 27bp remains priced for September with 55bp priced for year-end, against this has remained farily stable for around 10 days now. The Euribor strip has seen the biggest moves in Reds (up to 5.0 ticks higher on the day).
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.
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