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Strip opens lower post-CPI

SONIA
  • The SONIA strip opened around 7-8 ticks lower across the curve following this morning's CPI print of 10.1%Y/Y (which was marginally higher than consensus expected) but Whites have moved a little higher to be just 5 ticks below yesterday's close.
  • This puts the moves in Reds / Greens/ Blues in the SONIA strip at a similar magnitude to the moves seen in Eurodollar futures and Euribor futures this morning.
  • Very thing trading conditions again.

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