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

SONIA
SONIA: The front end of the Sonia curve is marginally flatter in early Friday
morning trade compared to Thursday's close taking cue from late rally in the
short end of the US curve. Although GfK consumer confidence surprised to the
upside and house prices remained steady at 2.0% according to latest Nationwide
index. Looking ahead we have final reading of Q2 GDP along with index of
services for July at 0930BST. Then that 1300BST BoE Jon Cunliffe speaks in
Brussels. MNI PINCH still see markets pricing a 83.5% chance of a 25bp rate hike
in Nov 2017 and following levels in BoE forward dated Sonia:-
* Nov-17 -0.1bp at 0.418%
* Dec-17 -0.1bp at 0.442%
* Feb-18 -0.4bp at 0.541%
* Mar-18 unch at 0.552%
* May-18 -0.1bp at 0.657%
* Jun-18 unch at 0.659%
* Aug-18 unch at 0.724%
* Sep-18 -0.1bp at 0.728%

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