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

SONIA: The front end of the Sonia curve is modestly steeper in early Wednesday

morning trade compared to Tuesday's close as cable remains above $1.40 level

probably more on the lack of negative Brexit news then on any significant

data/new news. Latest UK labour market survey though could influence markets

today, with consensus looking at possibly another fall in employment, which

would be first 3 consecutive falls since late 2012/early 2013, but with risk

unemployment drops to 4.2% if participation rate falls. MNI PINCH calculate 45%

chance of a hike in May 2018. Current levels in short end Sonia:-

* 6-mth +0.2bp at 0.516%

* 9-mth +0.3bp at 0.563%

* 12-mth +0.4bp at 0.611%

* 15-mth +0.4bp at 0.65%

* 18-mth +0.5bp at 0.687%

* 21-mth +0.6bp at 0.722%

* 2-yr +0.6bp at 0.755%

* 3-yr +0.8bp at 0.861%