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

SONIA: The front end of the Sonia curve is marginally steeper in early Thursday

morning trading compared to Wednesday's close, as markets trade with a slight

risk on tone ahead of Jackson Hole conference later today. Before then UK

release 2nd estimate of Q2 GDP, with consensus expecting it to remain at 0.3%

q/q. Attention though will be on the level of business investment & June index

of services. MNI PINCH now see markets pricing a 47% chance of a 25bp rate hike

in Feb 2018, and the following levels in BoE forward dated Sonia:-

- Sep-17 0.1bp higher at 0.218%

- Nov-17 0.2bp higher at 0.273%

- Dec-17 0.2bp higher at 0.277%

- Feb-18 0.4bp higher at 0.329%

- Mar-18 0.5bp higher at 0.321%

- May-18 0.7bp higher at 0.367%

- Jun-18 0.5bp higher at 0.368%

- Aug-18 0.5bp higher at 0.396%