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STIR: SONIA Futures Sold On U.S. Data, BoE Pricing Back To Session Extremes

STIR
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Hawkish adjustments in GBP STIRs on the U.S. ADP employment data.

  • BoE dated-OIS back to hawkish session extremes, showing ~23bp of cuts for November, 36bp of cuts through December and ~113.5bp of cuts through year-end.
  • Fresh session lows in most SONIA futures. Contracts little changed to 11.5bp weaker on the day, with yesterday’s rally more than fully reversed.
  • Plenty of event risk scheduled in the remainder of the week, with an appearance from BoE chief economist Pill and U.S. NFP data headlining on Friday. 

BoE Meeting

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Hawkish adjustments in GBP STIRs on the U.S. ADP employment data.

  • BoE dated-OIS back to hawkish session extremes, showing ~23bp of cuts for November, 36bp of cuts through December and ~113.5bp of cuts through year-end.
  • Fresh session lows in most SONIA futures. Contracts little changed to 11.5bp weaker on the day, with yesterday’s rally more than fully reversed.
  • Plenty of event risk scheduled in the remainder of the week, with an appearance from BoE chief economist Pill and U.S. NFP data headlining on Friday. 

BoE Meeting

Keep reading...Show less