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

SONIA: The front end of the Sonia curve is marginally steeper in early Thursday
morning trade compared to Wednesday's close taking cue from move lower in
Euro-Dollar strip overnight. There are still political concerns in the UK and
pressure on PM May to deliver a deal on Brexit with EU leaders summit is fast
approaching, however, no progress is expected on the Irish border issue today,
so markets attention likely to turn to upcoming data from the US that includes
non-farm payroll data tomorrow. MNI PINCH calculate a 52% chance of a rate hike
in May 2018 & see following levels in the short end of the Sonia curve:-
* 6-mth unch at 0.505%
* 9-mth unch at 0.546%
* 12-mth unch at 0.585%
* 15-mth unch at 0.618%
* 18-mth +0.1bp at 0.648%
* 21-mth +0.2bp at 0.676%
* 2-yr +0.1bp at 0.702%
* 3-yr +0.3bp at 0.791%

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