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

SONIA
SONIA: The front end of the Sonia curve is modestly steeper in early Tuesday
morning trading compared to Monday's close, as markets look ahead to UK
manufacturing PMI at 0930BST, with little direction seen overnight. Markets also
seen positioning ahead of BoE monetary policy decision, MPC statement and August
inflation report on Thursday. MNI PINCH now see markets pricing a 66% chance of
a 25bp rate hike in Feb 2018, up from 60% yesterday, and the following levels in
BoE forward dated Sonia:-
- Aug-17 0.1bp lower at 0.226%
- Sep-17 unchanged at 0.238%
- Nov-17 0.2bp lower at 0.313%
- Dec-17 0.2bp lower at 0.318%
- Feb-18 0.3bp lower at 0.377%
- Mar-18 0.3bp lower at 0.372%
- May-18 0.3bp lower at 0.416%
- Jun-18 0.6bp lower at 0.420%

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