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

SONIA
SONIA: The front end of the Sonia curve is modestly steeper in early Thursday
morning trade compared to Wednesday's close as markets digest slightly hawkish
slant to FOMC meeting last night. Traders also waking up to news that PM May is
to argue against EU citizen residency rights plan during the transition period,
setting up a clash with the EU. Looking ahead UK manufacturing PMI is released
at 0930GMT with consensus seeing a slight rise to 56.5 from 56.3. MNI PINCH
calculate 52.5% chance of a hike in May 2018. Current levels in short end
Sonia:-
* 6-mth +0.1bp at 0.534%
* 9-mth unch at 0.586%
* 12-mth +0.1bp at 0.647%
* 15-mth +0.2bp at 0.695%
* 18-mth +0.3bp at 0.742%
* 21-mth +0.5bp at 0.787%
* 2-yr +0.9bp at 0.832%
* 3-yr +1.4bp at 0.979%

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