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

SONIA
SONIA: The front end of the Sonia curve is modestly flatter in early Thursday
morning trade compared to Wednesday's close as markets pares back some of its
sharp steepening move seen yesterday. There is only UK CBI distributive trades
survey at 1100BST, so attention will likely be on ECB monetary policy decision
at 1245BST and the length its QE programme is extended by. MNI PINCH see markets
pricing a 88.5% chance of a 25bp rate hike in Nov 2017 and following levels in
BoE forward dated Sonia:-
* Nov-17 +0.2bp at 0.436%
* Dec-17 +0.1bp at 0.45%
* Feb-18 +0.1bp at 0.545%
* Mar-18 +0.3bp at 0.551%
* May-18 unch at 0.645%
* Jun-18 -0.3bp at 0.645%
* Aug-18 -0.6bp at 0.699%
* Sep-18 -0.4bp at 0.711%

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