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

SONIA
SONIA: The front end of the Sonia curve is modestly flatter in early Friday
morning trade compared to Thursday's close as markets US President Trump
announces steel/aluminium tariffs. However BoJ Koroda says Bank looking at
exiting monetary policy stimulus in 2019. There is only UK construction PMI
released at 0930GMT, so attention will be on comments from BoE Governor Mark
Carney at 1000GMT and then PM May is expected to give key Brexit speech at
1330GMT. MNI PINCH calculate 78% chance of a hike in May-18 and a 52% chance of
a second rate hike in November. Current levels in short end Sonia:-
* 6-mth -0.1bp at 0.608%
* 9-mth -0.2bp at 0.666%
* 12-mth -0.3bp at 0.719%
* 15-mth -0.6bp at 0.764%
* 18-mth -0.7bp at 0.805%
* 21-mth -0.8bp at 0.843%
* 2-yr -0.8bp at 0.879%
* 3-yr -1bp at 0.991%

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