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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.
STIR FUTURES
- In spite of the big rallies we have seen at the long-end, short sterling Whites (and the front Red) are all lower on the week. This can be interpreted simply as the market sees the hawkish comments from MPC members Saunders, Ramsden and Cunliffe last week as being of more importance than the global risk-off picture. This is an interesting dynamic in our view given that a lot of the risk-off move has been attributed to the Delta variant - which is the predominant variant in the UK and which has led to the UK having large daily increases in Covid-19 cases despite the success of the UK vaccination policy.
- The flattening of the Eurodollar curve over the past week has been sharpest in the Red area of the curve, and to a lesser extent Green area. What is evident is that the moves in Eurodollar futures have been much more substantial that in short sterling or Euribor curves.
- Euribor Greens/Blues have seen moves that are only slightly smaller than Short Sterling futures, but Whites/Reds have not seen the corresponding falls driven by policymakers that the UK has seen.
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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