PERU: MNI BCRP Preview – March 2026: Hold Seen Amid Mounting Risks
Download Full Report Here: https://media.marketnews.com/MNI_BCRP_Preview_Mar_2026_1db8688fba.pdf Ex...
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
OPTIONS: Expiries for Feb10 NY cut 1000ET (Source DTCC)
- EUR/USD: $1.1850(E1.1bln), $1.1875(E787mln), $1.1900-10(E1.9bln), $1.1945(E567mln), $1.2000(E1.5bln)
- USD/JPY: Y157.00($884mln)
- AUD/USD: $0.6900(A$1.2bln), $0.7100(A$1.2bln)
STIR: GBP Short End Trades Either Side Of 45bp Of Rate Cuts Amid Political Noise
GBP short end less dovish on the day in sympathy with moves further out the curve amid politics-driven vol., albeit with the move paring from extremes as gilts rally from lows.
- SONIA futures flat to -3.0
- BoE-dated OIS showing 45bp of easing through November, in a ~42-47bp range today.
- Knee-jerk reaction to any leadership challenge/Starmer resignation is likely to see the market focus on the likelihood that UK fiscal policy would become more expansionary, pricing in less cuts.
- However, medium-term focus could quickly come to the fore.
- If there is greater fiscal expansion it will need to be funded through increasing taxes (a left leaning government is more likely to be focus such hikes on business/higher earners/entrepreneurs and hit private sector confidence more, resulting in deeper BoE rate cuts) or without the backing of the OBR, risking a hit to credibility. The Truss moment provides a recent example of the latter, which would knock confidence and possibly result in deeper rate cuts being delivered further down the line.
BoE Meeting | SONIA BoE-Dated OIS (%) | Difference vs. Current Effective SONIA (bp) |
Mar-26 | 3.557 | -17.0 |
Apr-26 | 3.499 | -22.9 |
Jun-26 | 3.412 | -31.6 |
Jul-26 | 3.352 | -37.6 |
Sep-26 | 3.315 | -41.3 |
Nov-26 | 3.279 | -44.9 |
Dec-26 | 3.289 | -43.9 |
UK: Sky-Health Min Streeting Offers Starmer Lukewarm Support
Beth Rigby at Sky News: "Spoken to Wes Streeting for Electoral Dysfunction podcast in past hour. Acknowledges atmosphere "febrile" but tells me "Keir Starmer doesn't need to resign". "It has not been the best week for the government". "Give Keir a chance"
- While a number of Cabinet Ministers have come out in support of the embattled PM, Health Secretary Wes Streeting's comments carry extra weight given that he is viewed as one of the potential candidates to succeed the PM should he resign.
- While not calling directly for Starmer's resignation, Streeting's comments do not appear as effusive in their support for the PM as some other Cabinet figures (see UK: Scottish Labour Ldr: PM Should Quit; But Senior Ministers Offer PM Support). Most have now come out publicly in support of the PM.
- Other frontrunners (former Deputy PM Angela Rayner, Energy and Climate Change Secretary Ed Miliband, Mayor of Greater Manchester Andy Burnham) have yet to comment.
