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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
Euribor and SONIA futures have remained steady (and the front-end of the SONIA moved a little off its lows) over the past couple of hours. This comes after some comments from ECB's Vasle suggested rate hikes could continue in Q4 - something already priced into markets but probabilities of hikes had fallen in last week's repricing. Against this backdrop, Eurodollar futures have moved lower, albeit with low liquidity due to Independence Day.
- The Euribor strip has seen the biggest moves on the day - with the Jun-23 contract down 17.5 ticks on the day (but still 10 ticks higher than Thursday's close). Markets now price 28bp for the July ECB meeting, 75bp (cumulatively) by September, 111bp by October and 140bp by year-end (around 17bp above Friday's intraday low).
- The SONIA strip is up to 14 ticks lower on the day (Jun-23 contract) and remains inverted after the Mar-23 contract. Markets now price 47bp for the August MPC meeting, 90bp (cumulatively) by September, 128bp by November and 156bp by year-end (this is around 20bp above Friday's intraday low).
- The Eurodollar strip is lower through Whites and Reds by up to 5.0 ticks but remains inverted after the Dec-22 contract. Markets price around 70bp for a Fed July hike, 124bp (cumulatively) by September, 160bp by November and 178bp by year-end (up around 20bp above Friday's intraday low).
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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