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Whites / Reds move lower

SONIA
  • The front-end of the SONIA strip is up to 3 ticks higher this morning's one tenth miss on UK CPI.
  • This is a move we had flagged would be likely and to pull GBP lower on the SONIA open.
  • The back-end of the SONIA curve is lower (through Greens and Blues etc), being pulled lower by other global STIR markets.

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