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SONIA: The front end of the Sonia curve is modestly flatter in early Monday
morning trade compared to Friday's close support by risk-off flows as Trump
raises fears of a trade war with rhetoric on imposing taxes on EU made cars.
There are also concerns over the impact on UK growth following last weeks snow
storm. Looking ahead UK service PMI is released at 0930GMT, with consensus
seeing a slight rise to 53.0 from 53.0. MNI PINCH calculate 75% chance of a hike
in May-18 and a 48.5% chance of a second rate hike in November. Current levels
in short end Sonia:-
* 6-mth -0.2bp at 0.605%
* 9-mth -0.4bp at 0.661%
* 12-mth -0.7bp at 0.711%
* 15-mth -1bp at 0.751%
* 18-mth -1.1bp at 0.789%
* 21-mth -1.3bp at 0.823%
* 2-yr -1.5bp at 0.855%
* 3-yr -2bp at 0.958%