CAD: FX Exchange traded Option
Feb-05 14:57
FX Exchange trade Option, looking for CAD upside, does not cover the next BoC meeting on the 12th Ma...
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BOE APF SALES RESULTS: GBP725mln of medium-dated gilts with bid-to-cover of1.65x
Jan-06 14:56
Previous bid-to-cover ratios: most recent first: 2.12x, 2.39x, 2.02x, 1.51x, 3.25x.
Source: MNI, Bloomberg
SONIA: Put spread seller
Jan-06 14:55
SFIZ5 95.30/94.80ps, sold at 8.5 in 4k.
STIR: Just Under 60bp Of BoE Cuts Priced Through '25, Offshore Matters Eyed
Jan-06 14:53
Offshore developments have driven limited intraday swings in GBP STIRs.
- BoE-dated OIS shows 58bp of cuts through ’25, little changed on the day.
- Just over 80% market-implied odds of the next 25bp cut coming by the end of the March MPC.
- SONIA futures are essentially unchanged on the day.
- The market-implied cutting cycle continues to look shallow to us, although dovish UK data developments are probably needed to trigger a meaningful repricing.
- We still look for BoE cuts in February & May.
BoE Meeting | SONIA BoE-Dated OIS (%) | Difference vs. Current Effective SONIA Rate (bp) |
Feb-25 | 4.532 | -16.8 |
Mar-25 | 4.491 | -20.9 |
May-25 | 4.374 | -32.6 |
Jun-25 | 4.331 | -36.9 |
Aug-25 | 4.235 | -46.5 |
Sep-25 | 4.206 | -49.4 |
Nov-25 | 4.145 | -55.5 |
Dec-25 | 4.120 | -58.0 |
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