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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 with attention on the latest
developments in  US administration and next weeks central bank meetings and EU
summit seen directing markets. No data from the UK today, however Eurozone final
CPI is released at 1000GMT and then US housing starts and IP is released this
afternoon. MNI PINCH calculate 79.5% chance of a hike in May-18 and a 49.5%
chance of a second rate hike in November. Current levels in short end Sonia:-
* 6-mth unch at 0.627%
* 9-mth -0.1bp at 0.682%
* 12-mth -0.1bp at 0.73%
* 15-mth -0.3bp at 0.773%
* 18-mth -0.4bp at 0.813%
* 21-mth -0.4bp at 0.849%
* 2-yr -0.5bp at 0.882%
* 3-yr -0.6bp at 0.985%

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