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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessU.S. Data Has Modest Dovish Impact On EUR & GBP STIRs
The modest dovish move seen in EUR & GBP STIRs is largely a function of cross-market spill over in the wake of the U.S. data, with little in the way of local headline flow seen.
- That leaves just under 70bp of '24 ECB cuts priced into the ECB-dated OIS strip, while ~44bp of '24 cuts are showing in the BoE equivalent.
- CPI data headlines the European data calendar next week, with several rounds of ECB-speak and final manufacturing PMIs also due.
- Final PMI readings headline a relatively limited UK economic release calendar next week.
ECB Meeting | €STR ECB-Dated OIS (%) | Difference Vs. Current Effective €STR Rate (bp) |
Jun-24 | 3.693 | -21.6 |
Jul-24 | 3.603 | -30.6 |
Sep-24 | 3.438 | -47.1 |
Oct-24 | 3.356 | -55.3 |
Dec-24 | 3.217 | -69.2 |
BoE Meeting | SONIA BoE-Dated OIS (%) | Difference Vs. Current Effective SONIA Rate (bp) |
May-24 | 5.201 | +0.1 |
Jun-24 | 5.114 | -8.6 |
Aug-24 | 4.994 | -20.6 |
Sep-24 | 4.930 | -27.0 |
Nov-24 | 4.830 | -37.0 |
Dec-24 | 4.761 | -43.9 |
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.