MNI: FRANCE MAR MANUF SENTIMENT AT 102
Mar-21 07:45
- MNI: FRANCE MAR MANUF SENTIMENT AT 102
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STIR: Implied SONIA Rates Little Changed To A Touch Lower, TSC Eyed
Feb-20 07:44
Core global FI markets have ticked away from yesterday’s low, leaving SONIA futures running flat to +3.5 through the blues.
- BoE-dated OIS contracts are flat to 2bp softer alongside the bid in the wider core global FI, although the strip still shows less than 3x 25bp cuts through ’24.
- Local headline flow has been muted.
- Tuesday's local docket will be headline by a TSC appearance from BoE's Bailey, Broadbent, Dhingra & Greene.
- Most of that group’s monetary policy views are well-defined, while Deputy Governor Broadbent is unlikely to stray too far from the central BoE view.
| BoE Meeting | SONIA BoE-Dated OIS (%) | Difference Vs. Current Effective SONIA Rate (bp) |
| Mar-24 | 5.199 | +1.1 |
| May-24 | 5.147 | -4.1 |
| Jun-24 | 5.068 | -12.0 |
| Aug-24 | 4.916 | -27.2 |
| Sep-24 | 4.795 | -39.3 |
| Nov-24 | 4.627 | -56.1 |
| Dec-24 | 4.500 | -68.9 |
USD: Leaning in the green
Feb-20 07:34
- Very little change for the Dollar and G10 FX, with the Greenback leaning on the front foot, but pair/crosses are overall in tight ranges, EURUSD in 19 pips, Cable 19 pips, AUDUSD 20 pips.
- The Yen was and is again the worst early performer, although the Kiwi has now caught up, both down ~0.15% going into the European session.
- EURJPY is testing Yesterday's high, also the highest print since late November.
- Further upside momentum past 162.04, opens to 162.25 High Nov 29 next for the EURJPY.
BUNDS: Heavy early supply
Feb-20 07:20
- Very little changed for Bund and despite a tiny small gap higher, the 10yr Yield is still closer to its highest level since the start of December.
- Risk in futures remains to the downside, with support still eyed circa 132.58, followed by ~131.90 (2.50% in Yield).
- Resistance will at 133.15, Yesterday's high.
- There's no real tier 1 data for the session, ECB releases current account and Publishes Euro-Area Indicator of negotiated Wage rates.
- SUPPLY: Heavy supply with UK £1.75bn 2063 (equates to 32.3k Gilt) should weigh, German €5bn 2yr Schatz (equates to 54.1k Schatz) should weigh, Finland 2029, 2033 (won't impact Bonds).
- SYNDICATION: EU 10yr Benchmark.
- SPEAKERS: BoE Bailey, Broadbent, Dhingra, Greene testify.
