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

SONIA
SONIA: The front end of the Sonia curve has shifted higher slightly in early
Monday morning trade compared to Friday's close despite the Guardian reporting
latest Visa card spending in February showing a fall of 1.1% and that the first
quarter was on track to be the "worst on record". There is no data from the UK
today, so markets likely to be turning their attention to Spring Budget tomorrow
and start of BoE APF reinvestment programme. MNI PINCH calculate 80% chance of a
hike in May-18 and a 57.5% chance of a second rate hike in November. Current
levels in short end Sonia:-
* 6-mth +0.5bp at 0.62%
* 9-mth +0.4bp at 0.678%
* 12-mth +0.4bp at 0.731%
* 15-mth +0.3bp at 0.777%
* 18-mth +0.4bp at 0.821%
* 21-mth +0.4bp at 0.861%
* 2-yr +0.4bp at 0.899%
* 3-yr +0.4bp at 1.02%

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