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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 Wednesday
morning trade compared to Tuesday's close as markets digest news of Gary Cohn
resigning over trade tariffs and as the EU dismiss PM May's Brexit speech saying
it was a "change in tone but not in substance". Looking ahead there is only
Halifax house price data released at 0830GMT, while Hammond gives a speech on
Brexit along the same lines as May's one last week. MNI PINCH calculate 78%
chance of a hike in May-18 and a 57% chance of a second rate hike in November.
Current levels in short end Sonia:-
* 6-mth unch at -0.355%
* 9-mth -0.1bp at -0.354%
* 12-mth -0.1bp at -0.348%
* 15-mth -0.1bp at -0.333%
* 18-mth -0.2bp at -0.31%
* 21-mth -0.2bp at -0.277%
* 2-yr -0.3bp at -0.238%
* 3-yr -0.4bp at -0.061%

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