POLAND: Energy Cap Could Be Extended Independently, Decision Expected In Autumn
Jul-25 06:56
* Energy Minister Miosz Motyka told TVN24 that decoupling an extension of the freeze on household ...
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STIR: Over 50bp Of BoE Cuts Priced Through Dec
Jun-25 06:52
Modest dovish adjustments in GBP STIRs this morning, with Bunds on the front foot and TY futures trading near yesterday’s highs after a contained round of Asia-Pac trading.
- BoE-dated OIS flat to 1bp more dovish on the day, showing 20bp of easing through August, 27bp through September, 44bp through November and 52bp through year-end.
- Recent dovish extremes of ~55bp of cuts through December remain unchallenged at this stage.
- We continue to look for the next cut to come in August.
- SONIA futures +1.0 to -0.5.
- June highs in SFIZ5 & Z6 intact and unchallenged.
- BoE’s Lombardelli will speak this morning (09:45 London). She will give the opening remarks at the Bank’s conference on transforming monetary policy.
- BoE chief economist Pill (10:00 London) will then speak on “the interest rate conditioning assumption and monetary policy communication”.
BoE Meeting | SONIA BoE-Dated OIS (%) | Difference vs. Current Effective SONIA Rate (bp) |
Aug-25 | 4.016 | -20.1 |
Sep-25 | 3.948 | -26.9 |
Nov-25 | 3.778 | -43.9 |
Dec-25 | 3.693 | -52.4 |
Feb-26 | 3.570 | -64.7 |
Mar-26 | 3.534 | -68.3 |
MNI: FRANCE JUN CONSUMER SENTIMENT 88
Jun-25 06:45
- MNI: FRANCE JUN CONSUMER SENTIMENT 88
USD: The Yen is the Early mover into the European session
Jun-25 06:37
- The Dollar is mostly flat against most G10s, the Kiwi is the early standout, but is just off the high as it struggles to clear 0.6041, Yesterday's high and so far failed at 0.6040.
- The early mover is actually the Yen, testing session low against the Pound, EUR and AUD, the USDJPY is just short of the overnight printed high.
- Regarding Charts, worth keeping an eye on the GBPJPY, while it managed a 198.195 high on Monday, most will be watching the 198.256 level, the January and the 2025 high.
