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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 as BoE Carney says on BBC radio 4
interview that UK may "recouple" with the pickup in global growth. The Guardian
talks about another possible Tory coup to oust PM May while there are reports
that May has disowned comments made by Hammond on a "modest" Brexit due to
pressure from Eurosceptic MPs. Looking ahead UK 1st estimate of Q4 GDP is
released at 0930GMT with consensus seeing a 0.4% q/q print. MNI PINCH calculate
49.5% chance of a hike in May 2018. Current levels in short end Sonia:-
* 6-mth unch at 0.523%
* 9-mth -0.2bp at 0.571%
* 12-mth -0.3bp at 0.621%
* 15-mth -0.4bp at 0.66%
* 18-mth -0.4bp at 0.699%
* 21-mth -0.4bp at 0.736%
* 2-yr -0.5bp at 0.77%
* 3-yr -0.4bp at 0.886%

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