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Cable drifts below 1.2500


(M2)‌‌ Eyeing The 50-Day EMA


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SONIA: The front end of the Sonia curve is modestly flatter in early Thursday
morning trading compared to Wednesday's close, as markets react to FOMC minutes
released overnight with views seen mixed on next interest rate rise due to low
inflation, but were closer on balance sheet reduction announcement. Looking
ahead UK retail sales for July are released at 0830GMT with MNI median
forecasting total sales rising 0.3% m/m down from 0.6% m/m in June. MNI PINCH
now see markets pricing a 40% chance of a 25bp rate hike in Feb 2018, and the
following levels in BoE forward dated Sonia:-
- Sep-17 0.1bp lower at 0.214%
- Nov-17 0.3bp lower at 0.269%
- Dec-17 0.4bp lower at 0.269%
- Feb-18 0.5bp lower at 0.313%
- Mar-18 0.3bp lower at 0.309%
- May-18 0.7bp lower at 0.344%
- Jun-18 1.3bp lower at 0.345%
- Aug-18 1.4bp lower at 0.369%

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