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

SONIA
SONIA: The front end of the Sonia curve is ever so slightly steeper in early
Friday morning trading compared to Thursday's close with little direction seen
overnight in Asia. With no data from the UK and only German IFO released at
0800GMT, markets are likely to be side-lined ahead of comments from Fed Chair
Yellen and ECB President Draghi at Jackson Hole later today. MNI PINCH still see
markets pricing a 47% chance of a 25bp rate hike in Feb 2018, and the following
levels in BoE forward dated Sonia:-
- Sep-17 unchanged at 0.218%
- Nov-17 unchanged at 0.273%
- Dec-17 unchanged at 0.278%
- Feb-18 unchanged at 0.330%
- Mar-18 0.1bp higher at 0.322%
- May-18 0.2bp higher at 0.366%
- Jun-18 0.3bp higher at 0.369%
- Aug-18 0.4bp higher at 0.397%

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