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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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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessVery Modest Dovish Moves In GBP STIRs
Increased geopolitical tension surrounding Israel and Iran allowed Bunds & U.S. Tsys to rally after yesterday’s gilt close, but core global bonds have faded from best levels, limiting the feedthrough into GBP STIRs.
- SONIA futures are unchanged to +2.0 through the blues as a result.
- BoE-dated OIS shows ~74bp of ’24 cuts, with ~19bp of cuts priced through the June MPC. ’24 BoE-dated OIS contracts are 1-2bp lower on the day.
- Halifax house price data revealed the first M/M fall in 6 months, but that shouldn’t be a market mover.
- Geopolitical tensions and the U.S. NFP release are set to dominate ahead of the weekend, with no major domestic risk events scheduled.
BoE Meeting | SONIA BoE-Dated OIS (%) | Difference Vs. Current Effective SONIA Rate (bp) |
May-24 | 5.138 | -5.7 |
Jun-24 | 5.005 | -19.0 |
Aug-24 | 4.849 | -34.6 |
Sep-24 | 4.728 | -46.8 |
Nov-24 | 4.576 | -61.9 |
Dec-24 | 4.454 | -74.1 |
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.