RPT-MNI INTERVIEW: ECB's Wunsch Sees At Least Two Cuts By Dec

MNI: PBOC Conducts CNY2 Bln Via OMO Mon; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS MON

MNI: PBOC Sets Yuan Parity Lower At 7.1043 Mon; -4.74% Y/Y

MNI BRIEF: China’s April Loan Prime Rate Unchanged

CHINA SETS YUAN CENTRAL PARITY AT 7.1043 MON VS 7.1046

NBH Data Watch

INDON Sov Curve Flatter, Trade Surplus Soars, BI Decision Wednesday

MNI: BAKER HUGHES US RIG COUNT 619; OIL RIGS 511; GAS RIGS 106

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

UK inflation the driver this morning

STIR FUTURES
  • UK inflation has been the main story of the European morning session so far with services inflation jumping from 5.2%Y/Y in January to 5.6%Y/Y in February. In our BOE Preview yesterday we had said that for the three centrist members of the MPC (Bailey, Broadbent and Pill) if there was a rebound in services inflation that we expected them to vote for a hike this week - and the market moves have moved in line with this.
  • SONIA futures were down over 30 ticks for the Sep23 and Dec23 contracts and are a little off their lows - with markets now pricing 24bp for this week's meeting (up from around 14bp at yesterday's close) with a cumulative 61bp priced by August (up from a peak of 36bp).
  • Euribor futures pulled up to 8 ticks lower (23bp priced for May from 19bp yesterday with terminal 48bp higher from 44pb yesterday).
  • SOFR futures actually higher on Fed day, with the Jun24 contract up 10 ticks. Markets pricing 21bp for today's meeting with a cumulative peak of 37bp at the May meeting (before the curve begins to invert).
HomepageBulletMarketsFixed Income BulletsForeign Exchange Bullets

To read the full story

Close

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.