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The front end of the Sonia curve has..........>

SONIA
SONIA: The front end of the Sonia curve has shifted slightly higher in early
Thursday morning trade compared to Wednesday's close as markets continue to
digest the hawkish comments from the BoE yesterday while at the same time keep
an eye on moves in European equities. Looking ahead UK industrial/manufacturing
production along with trade balance data is released at 0930GMT. NIESR Jan GDP
estimate is expected at 1200GMT, while an update on Brexit negotiations is also
expected. MNI PINCH now calculate 76% chance of a hike in May 2018. Current
levels in short end Sonia:-
* 6-mth +0.2bp at 0.568%
* 9-mth +0.3bp at 0.627%
* 12-mth +0.5bp at 0.683%
* 15-mth +0.3bp at 0.731%
* 18-mth +0.3bp at 0.776%
* 21-mth +0.3bp at 0.82%
* 2-yr +0.2bp at 0.862%
* 3-yr +0.3bp at 1.003%

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