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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 Friday
morning trade compared to Thursday's close taking cue from mild sell-off in
Eurodollar futures overnight, while markets await UK Jan retail sales data at
0930GMT. MNI median is for total sales to rise 0.5% m/m, although risk is seen
in either direction. On Brexit the FT reports that the UK is ready to set out
vision for financial services and prefers "mutual recognition" of regulations.
PM May speaks in Berlin later. MNI PINCH now calculate 79% chance of a hike in
May 2018 up from 78% seen on Wednesday. Current levels in short end Sonia:-
* 6-mth +0.3bp at 0.585%
* 9-mth +0.2bp at 0.648%
* 12-mth +0.4bp at 0.708%
* 15-mth +0.2bp at 0.756%
* 18-mth +0.2bp at 0.802%
* 21-mth +0.3bp at 0.846%
* 2-yr +0.3bp at 0.888%
* 3-yr +0.2bp at 1.03%

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